May 27, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Forterra Inc (NASDAQ:FRTA) shares over potential securities laws violations by Forterra Inc and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Forterra Inc (NASDAQ:FRTA) concerning whether a series of statements by Forterra Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Irving, TX based Forterra, Inc. is a manufacturer of pipe and precast products. Forterra Inc offers products for a range of water-related infrastructure applications, including water transmission, distribution and drainage. Forterra Inc went public in October 2016. Shares of Forterra Inc (NASDAQ:FRTA) rose to as high as $22.40 per share in December 2016.
On March 29, 2017 Forterra Inc announced its fourth qwuarter and ful year 2016 results. Forterra Inc reported that its annual Total Revenue rose from $716.97 million in 2015 to over $1.36 billion in 2016 and that its Net loss declined from $88.54 million to $7.61 million in 2016.
On May 15, 2017, Forterra Inc revealed a net sales of $338.3 million for 2017's first quarter, compared to $187 million in the prior year quarter. Forterra Incsaid that sales growth was 'attributable to the impact of acquisitions that increased net sales by $163 million' rather than to organic growth. Forterra Inc also announced a consolidated net loss of $22.5 million, or $0.35 loss per share. Forterra Incs Chief Executive Officer said that its 'earnings results for the quarter were impacted by a number of factors that unfortunately will persist through the second quarter of 2017.'
Shares of Forterra Inc (NASDAQ:FRTA) declined on May 23, 2017 to $8.10 per share.