Astec Industries settles securities litigation for $13.7M

If you purchased publicly-traded Astec Industries, Inc. common stock between July 26, 2016, and October 22, 2018, you may be eligible to claim a portion of a $13,700,000 class action settlement.

Astec Industries, Inc. has agreed to pay $13,700,000 to settle a class action lawsuit for alleged misrepresentations and omissions of material fact in various public statements to the investing public.

Who Can Claim an Award?

To be eligible for an award, you must have purchased publicly-traded Astec common stock during the period between July 26, 2016, and October 22, 2018. This period is referred to as the Class Period. The lawsuit alleges that Astec Industries, Inc. made false and misleading statements regarding the state of its operations and potential for future growth of its wood pellet plant business. If you meet these criteria, you are considered a Settlement Class Member.

What Awards Can Class Members Claim?

The Settlement Fund of $13,700,000 will be distributed to Settlement Class Members who submit valid claims. The average recovery is estimated to be $1.15 per share for the approximately 11,881,000 shares of publicly-traded Astec common stock damaged during the Class Period. However, the actual recovery per share will depend on several factors, including the aggregate losses of all Settlement Class Members, the dates of purchase and sale, and the total number and amount of claims filed.

After deducting attorneys' fees, litigation expenses, and administrative costs, the Net Settlement Fund will be distributed on a pro rata basis to Authorized Claimants:

• For shares purchased during the Class Period and sold during the Class Period, the Recognized Loss per share will be the lesser of the inflation per share upon purchase less the inflation per share upon sale, or the purchase price per share minus the sales price per share.
• For shares purchased during the Class Period and sold between October 23, 2018, and January 18, 2019, the Recognized Loss will be the lesser of the inflation per share upon purchase or the difference between the purchase price per share and the average closing share price as of the date of sale.
• For shares purchased during the Class Period and retained as of the close of trading on January 18, 2019, the Recognized Loss will be the lesser of the inflation per share upon purchase or the purchase price per share minus $34.21 per share.

Is Proof Required to Claim the Reward?

Yes, claimants need to provide proof to claim an award. Claimants must submit a Proof of Claim and Release Form along with documentation such as stockbroker's confirmation slips, stockbroker's statements, or other documents evidencing each purchase and sale of publicly-traded Astec common stock during the Class Period.

How to Claim Your Award

To claim your award, you can file a claim online using the online claim form. Alternatively, you can complete and mail the Proof of Claim and Release Form to the Claims Administrator at the following address:

Astec Industries, Inc. Securities Litigation

c/o Strategic Claims Services

600 N. Jackson St., Ste. 205

P.O. Box 230

Media, PA 19063

Ensure that your claim form is postmarked no later than August 8, 2024.

Submitting a Claim

Follow these steps to submit a claim:

1. Obtain the Proof of Claim and Release Form from the official settlement website.
2. Fill out the form with your personal information and details of your transactions in Astec common stock during the Class Period.
3. Attach supporting documents such as stockbroker's confirmation slips or statements.
4. Submit the form online or mail it to the Claims Administrator by the deadline.

How do I Get Paid?

Payments will be made to Authorized Claimants after the Court approves the Settlement and all claims have been processed. Payments will be distributed via check or electronic transfer, depending on the claimant's preference.

Settlement Fund Breakdown

The total settlement amount is $13,700,000. This amount will be used to pay for attorneys' fees, litigation expenses, administrative costs, and awards to Lead Plaintiff. The remaining amount, known as the Net Settlement Fund, will be distributed to Authorized Claimants.

The breakdown is as follows:

• Total Settlement Fund: $13,700,000
• Attorneys' Fees: Up to $4,566,666.67
• Litigation Expenses: Up to $330,000
• Award to Lead Plaintiff: Up to $15,000
• Net Settlement Fund: Remaining amount after deductions

Important Dates

• Deadline to File a Claim: August 8, 2024
• Fairness Hearing: September 5, 2024

When will Awards be Paid?

Awards will be paid after the Court approves the Settlement and all claims have been processed.

Why is There a Class Action Settlement?

The class action settlement resolves allegations that Astec Industries, Inc. made false and misleading statements regarding the state of its operations and potential for future growth of its wood pellet plant business. Defendants have denied all allegations of wrongdoing.

What Happens Next?

The next steps include the Court's approval of the Settlement and the processing of claims. If you are a Settlement Class Member, ensure that you submit your claim form by the deadline to be eligible for an award.