NEW YORK and CHICAGO, Oct. 13, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois against Textura Corporation (NYSE:TXTR) ("Textura" or the "Company") with a class period of August 7, 2013 through September 29, 2014, inclusive.
Textura has been accused of overstating its financial performance and business prospects. Shares of Textura fell $6.44 per share, or approximately 17%, to close at $31.30 on December 26, 2013, following a report published by Citron Research alleging that the company's financial performance, business prospects, and financial condition had been overstated.
The report revealed that among other things, Textura lied about its revenue growth and subscriber churn rates to the U.S. Securities and Exchange Commission ("SEC") in its original registration statement and failed to disclose revenues generated from referrals by a related party, Aon Risk Services Central, Inc. Citron Research released a subsequent report nine months later, on September 29, 2014, further alleging that Textura's total addressable market is less than 10% of what the company claimed it to be, and that the company's Construction Payment Management ("CPM") program not only contributed a mere 5-6 basis points to total revenue rather than the 15 basis points Textura previously claimed, but that the new subcontractors entering the CPM system were non-fee paying. On this news, Textura shares declined an additional $2.51 per share, or over 8%, to close at $25.71 on September 29, 2014.
If you purchased Textura Corporation common stock during the Class Period, you may move to be appointed as lead plaintiff by December 8, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "Textura investigation."
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