Wolf Popper LLP Announces Investigation on Behalf of Investors in Astec Industries, Inc.
NEW YORK, August 7, 2018
Wolf Popper LLP is investigating potential securities fraud claims on behalf of investors in Astec Industries, Inc. (NASDAQ: ASTE). Astec investors should contact Fei-Lu Qian at 877.370.7703 or at firstname.lastname@example.org.
On July 24, 2018, Astec announced financial results for the first quarter 2018 and disclosed that the Company was exiting from its contractual obligations regarding the Highland wood pellet plant in Arkansas “driven by unresolved issues, which inhibited the plant’s ability to meet contractual provisions by the date required by the Company’s sales contract with Highland.” Consequently, the Company has “agreed to pay $68 million in cash in the aggregate over the court of the next 120 days and forgive approximately $7 million in receivables.”
As a result of the disclosure, Astec stock price declined $12.59 per share or more than 20%, to close at $48.21 per share on August 6, 2018.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. The firm’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. See www.wolfpopper.com.
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