On or around 01/08/2020 (Settlement preliminarily approval)
Filing Date: August 14, 2017
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 consolidating cases. The consolidated cases shall be identified as "In re Forterra, Inc. Securities Litigation." Also on July 27, the Court issued an Order transferring this case to the Dallas Division of the Northern District of Texas under Docket 18-CV-01957.
On September 17, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated amended Complaint on November 30.
On November 4, 2019, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order preliminarily approving the Settlement on January 8, 2020.
Company & Securities Information
Defendant: Forterra, Inc.
Sector: Capital Goods
Industry: Constr. - Supplies & Fixtures
Headquarters: United States
Ticker Symbol: FRTA
Company Market: NASDAQ
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
Charles Forrester, et al. v. Forterra, Inc., et al.