EQUITY ALERT: Rosen Law Firm Announces Investigation of Securities Claims Against Astec Industries, Inc. – ASTE
NEW YORK--(BUSINESS WIRE)--Feb 1, 2019--Rosen Law Firm, a global investor rights law firm, announces it is investigating potential securities claims on behalf of shareholders of Astec Industries, Inc. (NASDAQ: ASTE) resulting from allegations that Astec may have issued materially misleading business information to the investing public.
On July 24, 2018, Astec announced its financial results for the second quarter of 2018 and disclosed that Astec was exiting from its contractual obligations concerning the Highland wood pellet plant in Arkansas “driven by unresolved issues, which inhibited the plant’s ability to meet contractual provisions by the date required by the Company’s sales contract with Highland.” Therefore, Astec “agreed to pay $68 million in cash in the aggregate over the course of the next 120 days and forgive approximately $7 million in receivables.” On this news, shares of Astec fell $12.59 per share or more than 20%, to close at $48.21 on July 24, 2018, thereby injuring investors.
Then on January 22, 2019, Astec announced that its Chief Executive Officer, Benjamin G. Brock, had resigned effective immediately. On this news, shares of Astec fell $1.86 per share or almost 5% over the next two trading days to close at $35.97 per share on January 23, 2019.
Rosen Law Firm is preparing a class action lawsuit to recover losses suffered by Astec investors. If you purchased shares of Astec please visit the firm’s website at https://www.rosenlegal.com/cases-1498.html to join the class action. You may also contact Phillip Kim or Zachary Halper of Rosen Law Firm toll free at 866-767-3653 or via email at email@example.com or firstname.lastname@example.org.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.
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CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34thFloor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: The Rosen Law Firm, P.A.
Copyright Business Wire 2019.
PUB: 02/01/2019 12:04 PM/DISC: 02/01/2019 12:04 PM