Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against U.S. Concrete, Inc.
Oklahoma City, OK (March 29, 2017) – On March 28, 2017, a securities class action lawsuit was filed in the United States District Court for the Northern District of Texas against U.S. Concrete, Inc. (NASDAQ: USCR). 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 March 6, 2015 through March 23, 2017. More specifically, this litigation was filed because the Company made false and/or misleading statements and/or failed to disclose that the Company lacked effective internal controls over financial reporting and thus its public statements were materially false and misleading at all relevant times.
On March 24, 2017, U.S. Concrete filed a Current Report on Form 8-K with the SEC, announcing the resignation of the Company’s CFO Joseph Tusa, and advising investors that the Company dismissed its previous auditor, Grant Thornton LLP, and engaged Ernst & Young LLP as its new public accounting firm. On this news, the Company’s shares declined $5.90 to closed at $60.80 per share.
Plaintiff seeks to recover damages on behalf of all U.S. Concrete, Inc. 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 Tuesday, May 30, 2017 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 rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.