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Case Status:    ONGOING    
On or around 02/04/2019 (Ongoing date of last review)

Filing Date: February 01, 2019

Plaintiff's law firm issued a press release on February 1, 2019, announcing the filing of the lawsuit. According to the press release, Astec designs, engineers, manufactures, markets, and finances equipment and components, including aggregate crushers, pavers, asphalt plants, wood pellet plants, and related components. The Company comprises three segments: the Infrastructure Group; the Aggregate and Mining Group; and the Energy Group.

The Company’s Infrastructure Group has been involved in the wood pellet plant business since approximately 2013, when Astec began commercial production and marketing of wood pellet plants to potential customers that supply wood pellets to the utility and home-use industries. Prior to the start of the Class Period, the Company announced the sale of two wood pellet plants, one in partnership with Highland Pellets, LLC, located in Arkansas, and one to Hazlehurst Pellets, located in Georgia.

The Complaint alleges that during 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.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Constr. & Agric. Machinery
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ASTE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Tennessee
DOCKET #: 19-CV-00024
JUDGE: Hon. Pamela L Reeves
DATE FILED: 02/01/2019
CLASS PERIOD START: 07/26/2016
CLASS PERIOD END: 10/22/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Nashville)
    414 Union Street, Suite 900, Robbins Geller Rudman & Dowd LLP (Nashville), TN 37219
    615-244-2203 615-252-3798 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
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—Related District Court Filings Data is not available