On or around 05/08/2018 (Date of order of distribution of settlement)
Filing Date: October 07, 2014
According to the law firm press release, the lawsuit alleges Textura made false and misleading statements and/or failed to disclose that: (1) the Company did not charge general contractors and subcontractors as many basis points for using its Construction Payment Management (‘‘CPM’’) as it claimed; (2) the Company overstated its total addressable market; and (3) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times. The lawsuit claims that when these adverse facts entered the market through partial disclosures issued by Citron Research on December 26, 2013 and on September 29, 2014, the price of Textura stock dropped, damaging investors.
On December 16, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on February 17, 2015.
On March 2, 2016, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint, which they did on March 24.
The parties entered into a Stipulation of Settlement on July 12, 2017. Preliminary approval was granted on July 17. Final approval was granted on November 16. On May 8, 2018, the Court issued an Order granting distribution of class settlement funds.
Company & Securities Information
Defendant: Textura Corporation
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: TXTR
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Fred Kelsey, et al. v. Textura Corporation, et al.