||United States District Court for the Northern District of Texas
||The Hon. Brantley David Starr
||Between October 19, 2016 and August 14, 2017
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 securities class action lawsuit was 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 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 control over its financial reporting relating to these improper accounting practices. Finally, the Complaint alleges that as a result of defendants’ false and misleading statements, the IPO price was artificially inflated, and declined when the truth was revealed.
Current Status of Case:
On August 28, 2019, the Parties agreed to settle this action for $5,500,000. The Court approved the settlement on August 12, 2020.
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