The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Astec Industries, Inc. (NASDAQ: ASTE) who purchased shares between July 26, 2016 and October 22, 2018. The action, which was filed in the United States District Court for the Eastern District of Tennessee, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, 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.
Shareholders have until April 2, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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