Textura Corporation (NYSE: TXTR) Investor Securities Class Action Lawsuit 10/07/2014

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Company Name(s): 
Case Name: 
Textura Shareholder Class Action Lawsuit 10/07/2014
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
Date Settled: 
Settlement Amount: 
Deadline to Participate in Settlement: 

November 16, 2017 - The court approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.

July 17, 2017 - The court preliminarily approved the settlement.

July 12, 2017 - Parties filed a stipulation of settlement.

March 24, 2016 - The plaintiff filed another amended complaint.

March 2, 2016 - The court denied in part and granted in part defendants' motion to dismiss. The plaintiff is directed to file an amended complaint by March 24, 2016.

May 4, 2015 - Defendants filed a motion to dismiss.

February 17, 2015 - The plaintiff filed an amended complaint.

October 7, 2014 - An investor in shares of Textura Corporation (NYSE: TXTR) filed a lawsuit in the U.S. District Court for the District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Textura Corporation in connection with certain allegedly false and misleading statements made between August 7, 2013 and September 29, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Textura Corporation (NYSE: TXTR) common shares between August 7, 2013 and September 29, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that Textura Corporation made false and misleading statements and/or failed to disclose that Textura Corporation did not charge general contractors and subcontractors as many basis points for using its Construction Payment Management (''CPM'') as it claimed, that Textura Corporation overstated its total addressable market, and that Textura Corporation as a result of the foregoing, Textura Corporation's financial statements were materially false and misleading at all relevant times.

On December 26, 2013, Citron Research issued a report asserting that Textura Corporation has greatly exaggerated its true financial performance. The report asserts, among others things, that Textura Corporation: initially lied about its revenue growth and subscriber churn rates to the SEC in its original registration statement, and later withdrew such misstatements; omitted ties of its management and employees to an OTC stock whose promoters are now imprisoned; failed to disclose revenues generated from related party referrals; and exaggerated business metrics to deceive investors. Shares of Textura Corporation (NYSE: TXTR) declined from $41.16 per share on December 20, 2013 to $14.23 per share in May 2014.

Since then shares of Textura Corporation (NYSE: TXTR) grew from under $15 per share in May 2014 to as high as $30.17 per share in August 2014.

Then on September 29, 2014 Citron Research issued another report stating that “Textura and its management mislead [sic] the investing public in so many ways that it can only be considered a complete investment FRAUD.” Shares of Textura Corporation (NYSE: TXTR) declined from $28.40 per share to $23.65 per share on September 29, 2014.