SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Astec Industries, Inc. (ASTE)
NEW YORK, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Astec Industries, Inc. (“Astec” or the “Company”) ( (NASDAQ: ASTE). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/aste.
The investigation concerns whether Astec and certain of its officers and/or directors have violated federal securities laws.
On July 24, 2018, Astec revealed its 2018 second quarter financial results and announced that it 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.” As a result, 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.” Following this news, Astec stock dropped $12.59 per share or over than 20%, to close at $48.21 on July 24, 2018. Then on January 22, 2019, Astec revealed that its Chief Executive Officer, Benjamin G. Brock, had resigned effective immediately. Following this news, Astec stock dropped $1.86 per share or roughly 5% over the next two trading days to close at $35.97 on January 23, 2019.
If you are aware of any facts relating to this investigation, or purchased Astec shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/aste. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | email@example.com