The Rosen Law Firm, P.A. Announces Proposed Class Action Settlement on Behalf of Purchasers of Publicly-Traded Astec Industries, Inc. Common Stock - ASTE

/EIN News/ -- CHATTANOOGA, Tenn., June 24, 2024 (GLOBE NEWSWIRE) --  The Rosen Law Firm, P.A. announces that the United States District Court for the Eastern District of Tennessee has approved the following announcement of a proposed class action settlement that would benefit purchasers of publicly-traded Astec Industries, Inc. common stock (NASDAQ: ASTE):

SUMMARY NOTICE OF PENDENCY AND PROPOSED CLASS ACTION SETTLEMENT

TO:        ALL PERSONS WHO PURCHASED PUBLICLY-TRADED ASTEC INDUSTRIES, INC. (“ASTEC”) COMMON STOCK BETWEEN JULY 26, 2016 AND OCTOBER 22, 2018, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of Tennessee, that a hearing will be held on September 5, 2024, at 2:00 p.m. before the Honorable Charles E. Atchley Jr., United States District Judge of the Eastern District of Tennessee, 900 Georgia Avenue, Courtroom 1A, Chattanooga, Tennessee 37402, for the purpose of determining: (1) whether the proposed Settlement of the claims in the above-captioned Action for consideration including the sum of $13,700,000 should be approved by the Court as fair, reasonable, and adequate; (2) whether the proposed plan to distribute the Settlement proceeds is fair, reasonable, and adequate; (3) whether the application of Lead Counsel for an award of attorneys’ fees of up to one-third plus interest of the Settlement Amount, reimbursement of expenses of not more than $330,000, and a service payment of no more than $15,000 to Lead Plaintiff should be approved; and (4) whether this Action should be dismissed with prejudice as set forth in the Stipulation of Settlement, dated May 6, 2024 (the “Settlement Stipulation”). The Court reserves the right to hold the Settlement Fairness Hearing telephonically or by other virtual means.     

If you purchased publicly-traded Astec common stock during the period between July 26, 2016 and October 22, 2018, both dates inclusive, your rights may be affected by this Settlement, including the release and extinguishment of claims you may possess relating to your ownership interest in publicly-traded Astec common stock. If you need assistance obtaining a detailed Notice of Pendency and Proposed Settlement of Class Action (“Notice”) and a copy of the Proof of Claim and Release Form (“Claim Form”), you may write to, call, or contact the Claims Administrator: Astec Industries, Inc. Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (Toll-Free) (866) 274-4004; (Fax) (610) 565-7985; info@strategicclaims.net. You can also download copies of the Notice and submit your Claim Form online at www.strategicclaims.net/Astec. If you are a member of the Settlement Class, to share in the distribution of the Net Settlement Fund, you must submit a Claim Form electronically or postmarked no later than August 8, 2024 to the Claims Administrator, establishing that you are entitled to share in the recovery. Unless you submit a written exclusion request, you will be bound by any judgment rendered in the Action whether or not you make a claim.

If you desire to be excluded from the Settlement Class, you must submit to the Claims Administrator a request for exclusion so that it is received no later than August 8, 2024, in the manner and form explained in the Notice. All members of the Settlement Class who have not requested exclusion from the Settlement Class will be bound by any judgment entered in the Action pursuant to the Settlement Stipulation.

Any objection to the Settlement, Plan of Allocation, or Lead Counsel’s request for an award of attorneys’ fees and reimbursement of expenses and award to Lead Plaintiff must be in the manner and form explained in the detailed Notice and received no later than August 8, 2024, by each of the following:

Clerk of the Court, U.S. District Court for the Eastern District of Tennessee 900 Georgia Avenue Chattanooga, TN 37402

Daniel Tyre-Karp The Rosen Law Firm, P.A. 275 Madison Avenue 40th Floor New York, NY 10016 Lead Counsel

Elizabeth Gingold Clark Alston & Bird 1201 West Peachtree Street Suite 4900 Atlanta, GA 30309 Counsel for Defendants

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE.

DATED: MAY 16, 2024

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF TENNESSEE

        

 

If you have any questions about the Settlement, you may call or write to Lead Counsel:
                    
                    Daniel Tyre-Karp
                    The Rosen Law Firm, P.A.
                    275 Madison Avenue
                    40th Floor
                    New York, NY 10016
                    dtyrekarp@rosenlegal.com