NEW YORK, NY / ACCESSWIRE / March 12, 2019 / Pomerantz LLP is investigating claims on behalf of investors of Astec Industries, Inc. (''Astec'' or the ''Company'') (NASDAQ: ASTE). Such investors are advised to contact Robert S. Willoughby at [email protected] 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.
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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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP