NEW YORK, Aug. 9, 2013 LawFuel.com The Law Firm Class Action Newswire — Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Tetra Tech, Inc. (“Tetra” or the “Company”) (Nasdaq:TTEK) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 13-cv-4724-SVW, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Tetra between May 3, 2012 and June 18, 2013 both dates inclusive (the “Class Period”). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Tetra securities during the Class Period, you have until August 27, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased. There is no out of pocket cost to you for your participation.
Tetra is a publicly traded company headquartered in Pasadena, California. Tetra is a leading provider of consulting, engineering, program management, construction management, construction and technical services that focuses on addressing fundamental needs for water, the environment, energy, infrastructure and natural resources.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) claims by customers and cost overruns created an acute risk that the Company would be required to take an earnings charge; and, (ii) decreasing demand for the Company’s services would lead to project closures.
On June 18, 2013, the Company shocked investors by issuing a press release revising its prior guidance for the third quarter of 2013 to a loss of $0.30 to $0.50 per share. The Company blamed the revision on an impairment charge of approximately $45 million due to “change orders on lump-sum projects for certain U.S. federal and state government customers” and $40 to $50 million in restructuring costs related to its Eastern Canadian operations. On this news, Tetra securities declined $3.55 per share or 13.26%, to close at $23.30 per share on June 19, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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