NEW YORK, March 29, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in U.S. Concrete, Inc. (“U.S. Concrete” or the “Company”) (NASDAQ: USCR ) of the May 29, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of all those who purchased U.S. Concrete stock or options between March 6, 2015 and March 23, 2017 (the “Class Period”). The case, Ruedelstein v. U.S. Concrete, Inc. et al , No. 17-cv-00266 was filed on March 28, 2017, and has been assigned to Judge Reed C. O'Connor.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to maintain effective internal controls over financial reporting.
Specifically, in a Current Report on Form 8-K on March 24, 2017, U.S. Concrete announced the resignation of the Company’s Chief Financial Officer, Joseph Tusa, and reported that the Company had dismissed its previous auditor, Grant Thornton LLP, and engaged Ernst & Young LLP as its new public accounting firm. The Company identified a material weakness for the fiscal year ended December 31, 2016 relating to management review controls associated with the completeness and accuracy of computations relating to income tax accounts and disclosures.
After the announcement, U.S. Concrete’s share price fell from $66.70 per share on March 23, 2017 to a closing price of $60.80 on March 24, 2017—a $5.90 or a 8.85% drop.
Request more information now by clicking here: www.faruqilaw.com/USCR . There is no cost or obligation to you.
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You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
Faruqi & Faruqi, LLP also encourages anyone with information regarding U.S. Concrete’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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