San Diego, CA -- (SBWIRE) -- 12/11/2023 -- Astec Industries, Inc. is under investigation concerning potential securities laws violations in connection with certain financial statements.

Investors who purchased shares of Astec Industries, Inc. (NASDAQ: ASTE), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on whether a series of statements by Astec Industries, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Chattanooga, TN based Astec Industries, Inc. designs, engineers, manufactures, and markets equipment and components used primarily in road building and related construction activities worldwide. Astec Industries, Inc. reported that its annual Total Revenue rose from over $1.09 billion in 2021 to over $1.27 billion in 2022, and that its Net Income of $17.80 million in 2021 turned to a Net Loss of $0.1 million in 2022.

On November 1, 2023, Astec Industries, Inc. announced disappointing results for its third quarter ("Q3") of 2023, including a non-GAAP loss-per-share of $0.01, missing consensus estimates by $0.63, and revenue of $303.1 million, missing consensus estimates by $29.67 million and representing a 3.8% year-over-year decline. Astec disclosed that its disappointing Q3 earnings performance was "largely due to a litigation loss contingency of $6.4 million involving equipment sold in 2017 [that] negatively impacted diluted EPS and Adjusted EPS by $0.28". Commenting on these results, Astec's Chief Executive Officer Jaco van der Merwe also noted that "[s]olid operating performance in [Q3] was masked by a $6.4 million litigation loss contingency in the Materials Solutions group."

Shares of Astec Industries, Inc. (NASDAQ: ASTE) declined from $56.33 per share on September 01, 2023, to as low as $28.97 per share on November 02, 2023.

Those who purchased shares of Astec Industries, Inc. (NASDAQ: ASTE) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.