||Astec Industries, Inc.
||United States District Court for the Eastern District of Tennessee
||The Hon. Travis R McDonough
||July 26, 2016 - October 22, 2018
On February 01, 2019, the initial complaint in this securities class action was filed against Astec Industries, Inc. (“Astec” or the “Company”), and certain of Astec’s directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that during the class period, the defendants made false and misleading statements and/or failed to disclose adverse information regarding Astec’s business, operations and prospects, including that its wood pellet plants suffered from significant and costly problems that prevented them from running at their promised production capacity, posing a threat to the Company’s pellet plant business, its overall financial performance, and its financial outlook. As a result of this information being withheld from the market, the price of Astec stock was artificially inflated to a high of nearly $70 per share during the class period.
This is a federal securities class action brought on behalf of those who purchased or otherwise acquired Astec securities between July 26, 2016 and October 22, 2018, inclusive.
Current Status of Case:
On August 26, 2019, Plaintiff filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on October 25, 2019. On February 19, 2021, the Court granted Defendants’ Motion to Dismiss the Amended Complaint. On June 4, 2021, Plaintiffs appealed the Court’s Order on the Motion to Dismiss to the United States Court of Appeals for the Sixth Circuit, and on March 31, 2022, the Sixth Circuit affirmed in part, reversed in part, and remanded the District Court’s decision for further proceedings. This action is still ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.