Astec Industries, Inc. (ASTE)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Astec Industries, Inc. (“Astec” or “the Company”) (NASDAQ: ASTE). Investors who purchased Astec securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Astec has violated federal securities laws.
On November 1, 2023, Astec announced disappointing results for its third quarter (“Q3”) of 2023, including a Q3 non-GAAP loss-per-share of $0.01, missing consensus estimates by $0.63, and Q3 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 revealed 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.
If you are aware of any facts relating to this investigation or purchased Astec securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
There is No Cost to You
We represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.