An investor in NASDAQ:USCR shares filed a lawsuit over alleged violations of Federal Securities Laws by U.S. Concrete Inc.
Investors who purchased shares of US Concrete Inc (NASDAQ:USCR) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of US Concrete Inc (NASDAQ:USCR) common shares between March 6, 2015 and March 23, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 6, 2015 and March 23, 2017, the defendants made allegedly false and/or misleading statements and/or failed to disclose that the Company lacked effective internal controls over financial reporting, and that as a result of the foregoing, U.S. Concrete’s public statements were materially false and misleading at all relevant times.
US Concrete Inc reported that its annual Total Revenue rose from $974.72 million in 2015 to over $1.16 billion in 2016 and that its Net loss of $5.41 million in 2015 turned into a Net Income of $8.86 million in 2016. Shares of US Concrete Inc NASDAQ:USCR) grew from $46.07 per share in September 2016 to as high as $71.35 per share on March 17, 2017.
On March 24, 2017, US Concrete Inc disclosed the resignation of the Company’s Chief Financial Officer, Joseph Tusa, and informed investors that US Concrete Inc had dismissed its previous auditor, Grant Thornton, and hired Ernst & Young as its new public accounting firm. US Concrete Inc has also informed investors that U.S. Concrete’s internal control over financial reporting wasn’t effective due to material weaknesses. Shares of US Concrete Inc (NASDAQ:USCR) declined to as low as $58.75 per share on March 24, 2017.
Those who purchased NASDAQ:USCR shares have certain options and should contact the Shareholders Foundation.
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