Recent Securities Litigations
Forterra Inc. Common Stock (NASDAQ: FRTA)
According to the Complaint, it is alleged that the Registration Statement used to conduct the IPO contained inaccurate statements and omitted facts necessary to make other statements made therein not misleading. Among other things, the Registration Statement failed to disclose, at the time of the IPO, that organic sales in Forterra's Drainage and Water segments had significantly declined, that Forterra was experiencing increased pricing pressure due to competition and continued softness in its concrete and steel pipe business, that 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 that Forterra had undisclosed material weaknesses in its internal controls that prevented it from accurately reporting and forecasting its financial results.
On July 27, 2018, the Court issued an Order transferring the consolidated Actions from the Eastern District of New York (17.4763) to the Northern District of Texas (18.1957).