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On May 15, 2017, pre-market, Forterra reported net sales of $338.3 million for the first quarter of 2017, compared to $187 million in the prior year quarter. Sales growth was solely “attributable to the impact of acquisitions that increased net sales by $163 million” rather than to organic growth. In addition, Forterra reported a consolidated net loss of $22.5 million, or $0.35 loss per share. Forterra’s Chief Executive Officer commented that the Company’s “earnings results for the quarter were impacted by a number of factors that unfortunately will persist through the second quarter of 2017.”
On this news, Forterra’s share price fell $4.79, or 24.29%, to close at $14.93 on May 15, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP