Pomerantz LLP

Please read and download this complaint. When you have finished, continue to Join this ACTION >>

Questions? Contact Us

Astec Industries, Inc.

Pomerantz LLP is investigating claims on behalf of investors of Astec Industries, Inc. (“Astec” or the “Company”).

Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.

The investigation concerns whether Astec and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

On October 23, 2018, Astec announced its financial results for the quarter ended September 30, 2018.  Astec reported a 1.2% decrease in domestic sales and a 20.2% decrease in the Company’s backlog, with the domestic backlog contracting by 28.1%, dragged down by Astec’s pellet business.  For 2018, Astec cut its core revenue growth forecast to 1% to 3%, down substantially from 7% to 12%.  Astec also reported EPS of $0.30 for the quarter, widely missing the consensus estimate of $0.59.  Astec also reported $256.6 million in revenue for the quarter, below analysts’ expectations of $276.8 million.  Following this news, Astec’s stock price fell $11.76 per share, or 24.88%, to close at $35.51 on October 23, 2018.