|Company name||Astec Industries, Inc.|
NEW YORK, January 28, 2019 – Bragar Eagel & Squire, P.C. is investigating potential claims against Astec Industries, Inc. (NASDAQ: ASTE). Our investigation concerns whether Astec has violated the federal securities laws and/or engaged in other unlawful business practices.
On July 24, 2018, Astec announced financial results for the second quarter of 2018 and disclosed that the company 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.” The company “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, Astec’s share price fell by more than 20%, closing at $48.21 on July 24, 2018.
If you purchased or otherwise acquired Astec shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.