Forterra investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Forterra, previously known as Hanson Building Products, is a Texas-based building materials manufacturing company that manufactures pipe and various precast products.
On or about July 8, 2016, Forterra filed with the SEC a Registration Statement on Form S-1, which would later be utilized for the IPO following several amendments made in response to comments received from the SEC. On October 19, 2016, the SEC declared the Registration Statement effective. On or about October 21, 2016, Forterra priced the IPO and filed the final Prospectus for the IPO, which forms part of the Registration Statement.
The company sold 18.42 million shares of Forterra common stock to the public at $18 per share, raising $331.56 million in gross proceeds.
The complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that, among other things, at the time of the IPO: organic sales in Forterra’s Drainage and Water segments had significantly declined; Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business; Forterra had been losing business in its important pipe and precast business due to in large part to operational problems at its production plants; and Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
As of the date of the filing of the complaint, Forterra common stock was trading below $5 per share, a decline of approximately 75% from the IPO price.
If you are a member of the class described above, you may no later than October 13, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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