Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of Textura Corporation (NYSE:TXTR) violated state or federal laws.
In December 2013, Citron Research issued a report titled “’American Hustle’ meets the ‘Wolf of Wall Street.’” In this article, Citron stated that Textura would have been insolvent had it not been for their IPO and listed a myriad of examples of how investors were misled. On this reported news, Textura’s stock dropped $6.44, or 17%, to close at $31.30 on December 26, 2013.
On September 29, 2014, Citron issued yet another report on Textura. In this report Citron stated that “Textura and its management mislead [sic] the investing public in so many ways that it can only be considered a complete investment FRAUD.” In this latest report Citron claims that Textura has blatantly overstated revenues from construction contracts. Furthermore, Citron claims that Textura has misled investors by overstating its total addressable market. Citron has placed a $4.00 target price on the stock. In mid-day trading on September 29, 2014, the stock is down over 12% at $23.65.
Johnson & Weaver’s investigation will seek to determine whether shareholders were harmed by fraud and deception as Citron claims.
If you have information that could assist in this investigation, or if you are a Textura shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonandweaver.com) by email or by phone at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contacts:
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
