| COMPANY |
Astec Industries, Inc. |
| COURT |
United States District Court for the Eastern District of Tennessee |
| CASE NUMBER |
19cv00024 |
| JUDGE |
The Hon. Charles E. Atchley, Jr. |
| CLASS PERIOD |
July 26, 2016 - October 22, 2018 |
| SECURITY TYPE |
All Securities |
Case Background:
On February 01, 2019, the initial complaint in this securities class action was filed against Astec Industries, Inc. (“Astec” or the “Company”), and certain of Astec’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that during the class period, the defendants made false and misleading statements and/or failed to disclose adverse information regarding Astec’s business, operations and prospects, including that its wood pellet plants suffered from significant and costly problems that prevented them from running at their promised production capacity, posing a threat to the Company’s pellet plant business, its overall financial performance, and its financial outlook. As a result of this information being withheld from the market, the price of Astec stock was artificially inflated to a high of nearly $70 per share during the class period.
This is a federal securities class action brought on behalf of those who purchased or otherwise acquired Astec securities between July 26, 2016 and October 22, 2018, inclusive.
Current Status of Case:
On May 16, 2024, the Court issued an Order granting the Lead Plaintiff’s Motion for Preliminary Approval of Class Action Settlement and scheduled a Final Settlement Hearing for September 5, 2024. This action remains ongoing.
The deadline to file a claim is August 8, 2024. If you have any questions or need further information about this settlement, you may go to the following website www.strategicclaims.net/Astec/, or you can contact the claims administrator, Strategic Claims Services, at 1-866-274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.