Press release
Investigation announced for Long-Term Investors in shares of Astec Industries, Inc. (NASDAQ: ASTE) over potential Wrongdoing
An investigation on behalf of investors in Astec Industries, Inc. (NASDAQ: ASTE) shares over potential wrongdoing.
Investors who purchased shares of Astec Industries, Inc. (NASDAQ: ASTE) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Astec Industries, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Chattanooga, TN based Astec Industries, Inc. designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide. Astec Industries, Inc. reported that its annual Total Revenue rose from over $1.09 billion in 2021 to over $1.27 billion in 2022, and that its Net Income of $17.80 million in 2021 turned to a Net Loss of $0.1 million in 2022.
On November 1, 2023, Astec Industries, Inc. 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."
Shares of Astec Industries, Inc. (NASDAQ: ASTE) declined from $56.33 per share on September 01, 2023, to as low as $28.97 per share on November 02, 2023.
Those who purchased shares of Astec Industries, Inc. (NASDAQ: ASTE) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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