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.