Glancy Prongay & Murray LLP Announces Investigation on Behalf of Astec Industries, Inc. Investors (ASTE)
LOS ANGELES--(BUSINESS WIRE)--Jan 25, 2019--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Astec Industries, Inc. (“Astec” or the “Company”) (NASDAQ: ASTE ) investors concerning the Company and its officers’ possible violations of federal securities laws.
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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.” Therefore, 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, 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, the Company announced that effective immediately, Benjamin G. Brock had resigned as Chief Executive Officer of the Company.
If you purchased Astec stock, have information, or 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 Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9244, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number, and the number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190125005491/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 01/25/2019 08:00 PM/DISC: 01/25/2019 08:00 PM