Case Background:
On August 14, 2017, the initial complaint in this securities class action was filed against Forterra, Inc. (“Forterra”), and certain of Forterra’s directors and officers, asserting violations of Sections 11 and 15 of the Securities Act. This is a federal securities class action lawsuit brought on behalf of all persons and entities who purchased or otherwise acquired Forterra common stock between Forterra’s Initial Public Offering (IPO) on October 19, 2016 and August 14, 2017, inclusive, and/or who purchased or acquired stock pursuant to and/or traceable to the Registration Statement issued in connection with Forterra’s IPO, both dates inclusive (the “Class Period”) and were damaged thereby.
The complaint alleges that throughout the Class Period, Forterra’s Registration Statement failed to disclose various improper accounting practices employed by Forterra at the time of its IPO and misrepresented Forterra’s ability to achieve organic sales growth. The complaint further alleges that, months after the IPO, Forterra admitted material weaknesses in its internal controls over its financial reporting relating to these improper accounting practices. Finally, the complaint alleges that as a result of Defendants’ allegedly false and misleading statements, the IPO price was artificially inflated, and declined when the truth was revealed.
Current Status of Case:
On November 30, 2018, Plaintiffs filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on February 15, 2019, which was denied. On November 22, 2019, Plaintiffs filed a Motion for Preliminary Approval of Class Action Settlement. The Court approved the Settlement on August 12, 2020 in the amount of $5,500,000.00. This action has concluded.
The deadline to file a claim is July 10, 2020. If you have any questions or need further information about this settlement, you may go to the following website, http://www.forterrasecuritieslitigation.com/, or you can contact the claims administrator, Epiq Class Action & Claims Solutions, Inc. at 1-844-412-0823.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.