NEW YORK, Nov. 05, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Astec Industries, Inc. (“Astec” or the “Company”) (NASDAQ: ASTE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Astec and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 1, 2023, Astec announced disappointing results for its third quarter (“Q3”) of 2023, including a non-GAAP loss-per-share of $0.01, missing consensus estimates by $0.63, and revenue of $303.1 million, missing consensus estimates by $29.67 million and representing a 3.8% year-over-year decline. Astec disclosed that its disappointing Q3 earnings performance was “largely due to a litigation loss contingency of $6.4 million involving equipment sold in 2017 [that] negatively impacted diluted EPS and Adjusted EPS by $0.28”. Commenting on these results, Astec’s Chief Executive Officer Jaco van der Merwe also noted that “[s]olid operating performance in [Q3] was masked by a $6.4 million litigation loss contingency in the Materials Solutions group.”
On this news, Astec’s stock price fell $8.89 per share, or 22.2%, to close at $31.15 per share on November 1, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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