Hagens Berman Alerts Astec Industries (ASTE) Investors to Investigation of Possible Securities Law Violations
San Francisco - Hagens Berman Sobol Shapiro LLP alerts investors in Astec Industries, Inc. (NASDAQ: ASTE) of the Firm’s investigation of possible violations of the Federal securities laws. If you purchased or otherwise acquired Astec Industries securities between March 1, 2018 and July 24, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On April 24, 2018, Astec and senior management convened the Company’s Q1 2018 earnings call with investors. During this call, Astec’s then-CEO and Board member Benjamin Brock discussed the Company’s pellet plant issues and related 2017 charges and stated in part “the charge we took last year is adequate[.]”
Then, on July 24, 2018, Astec and senior management announced unresolved issues with the Company’s wood pellet plant customer in Arkansas and their decision to pay $68 million and forgive about $7 million in receivables for the customer’s agreement to release Astec from contractual obligations related to the plant.
This news drove the price of Astec shares down $12.59, or about 20%, to close at $48.21 on July 24, 2018.
“We’re focused on investors’ losses, the extent to which investors were misled by senior management’s statements, and whether certain insider sales were improper,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Astec should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email ASTE@hbsslaw.com.
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Reed Kathrein, 510-725-3000
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