Robbins LLP: U.S. Concrete, Inc. (USCR) Misled Shareholders According to a Class Action
Robbins LLP announces that a class action complaint was filed against U.S. Concrete, Inc. (Nasdaq: USCR) in the U.S. District Court for the Northern District of Texas, Fort Worth Division. The complaint is brought on behalf of all purchasers of U.S. Concrete securities between March 6, 2015 and March 23, 2017, for alleged violations of the Securities Exchange Act of 1934 by U.S. Concrete’s officers and directors. U.S. Concrete produces and sells ready-mixed concrete, aggregates, and concrete-related products and services for the construction industry in the United States.
U.S. Concrete Accused of Deceiving Shareholders in SEC Filings
According to the complaint, in a series of filings with the U.S. Securities and Exchange Commission, U.S. Concrete officials failed to disclose that the company lacked effective internal controls over financial reporting. The complaint alleges that officers and directors of the company knew of a material weakness regarding the computations of income tax accounts and disclosures, yet purposefully deceived shareholders by omitting this material weakness from the company’s public filings. The truth eventually emerged on March 24, 2017, when U.S. Concrete announced that it dismissed its previous auditor, Grant Thornton LLP, and disclosed the resignation of the company’s Senior Vice President and Chief Financial Officer, Joseph Tusa, Jr. On this news, U.S. Concrete’s stock fell $5.90 per share, or 8.84%, to close at $60.80 per share on March 24, 2017.
U.S. Concrete Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, or you can complete the form below and we will contact you directly.