Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit
against Textura Corporation
Oklahoma City, OK (October 8, 2014) – On October 7, 2014, a securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against Textura Corporation (NYSE: TXTR). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is August 7, 2013 through September 29, 2014. More specifically, this litigation was filed because Textura made false and misleading statements and/or failed to disclose that: (1) Textura was not charging general contractors and subcontractors as many basis points for using its Construction Payment Management (''CPM'') as the Company had previously claimed; (2) Textura overstated its total base market; and (3) as a result of the foregoing, Textura's financial statements were materially false and misleading at all relevant times. When these adverse facts entered the market through partial disclosures issued by Citron Research on December 26, 2013 and again on September 29, 2014, the price of Textura stock dropped, thereby damaging investors.
Plaintiff seeks to recover damages on behalf of all Textura Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, December 8, 2014 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
To join this class action, click here to obtain an investor certification. Once complete, please email this form to firstname.lastname@example.org, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Lynn.
Posted on Wed, October 8, 2014
by K. Lynn Nunn filed under