According to the law firm press release, Tetra is a publicly traded company headquartered in Pasadena, California. Tetra is a leading provider of consulting, engineering, program management, construction management, construction and technical services that focuses on addressing fundamental needs for water, the environment, energy, infrastructure and natural resources.
The Complaint alleges that throughout the Class Period,Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) claims by customers and cost overruns created an acute risk that the Company would be required to take an earnings charge; and, (ii) decreasing demand for the Company's services would lead to project closures.
On June 18, 2013, the Company shocked investors by issuing a press release revising its prior guidance for the third quarter of 2013 to a loss of $0.30 to $0.50 per share. The Company blamed the revision on an impairment charge of approximately $45 million due to "change orders on lump-sum projects for certain U.S. federal and state government customers" and $40 to $50 million in restructuring costs related to its Eastern Canadian operations. On this news, Tetra securities declined $3.55 per share or 13.26%, to close at $23.30 per share on June 19, 2013.
A consolidated complaint was filed on October 30, 2013.
On April 24, 2014, this case was voluntarily dismissed with prejudice.