Rosen Law Firm, Pennsylvania, Announces Proposed Class Action

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

SUMMARY NOTICE OF PROPOSED CLASS ACTION EXPECTATION AND SETTLEMENT

HAS: ALL PERSONS WHO PURCHASED COMMON SHARES OF ASTEC INDUSTRIES, INC. (“ASTEC” PUBLICLY LISTED) BETWEEN JULY 26, 2016 AND OCTOBER 22, 2018 INCLUDING.

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 for the Eastern District of Tennessee, 900 Georgia Avenue, Courtroom 1A, Chattanooga, Tennessee 37402, for the purpose of determining: (1) whether the proposed settlement of claims in the foregoing action for consideration, including the sum of $13,700,000 should be approved by the Court as just, reasonable and adequate; (2) whether the proposed plan for distributing the settlement proceeds is fair, reasonable, and adequate; (3) if lead counsel’s request for an award of attorney’s fees of up to one-third plus interest on the settlement amount, reimbursement of expenses not to exceed $330,000, and a payment of services of up to $15,000 to the principal applicant must be approved; and (4) whether this action should be dismissed with prejudice, as set forth in the Settlement Stipulation, dated May 6, 2024 (the “Settlement Stipulation”). The Court reserves the right to conduct the settlement fairness hearing by telephone or other virtual means.

If you purchased publicly traded shares of Astec common stock between July 26, 2016 and October 22, 2018, both dates inclusive, your rights may be affected by this settlement, including the waiver and extinguishment of claims you may have regarding your property. interest in the publicly traded common shares of Astec. If you need assistance obtaining a detailed notice of pending status and proposed settlement of the class action (“Notice”) and a copy of the Proof of Claim and Release Form (“Claim Form”), you can write, call or contact the complaints department. Administrator: Astec Industries, Inc. Securities Litigation, c/o Strategic Claims Services, PO Box 230, 600 N. Jackson St., Ste. 205, Media, PA 19063; (toll free) (866) 274-4004; (Fax) (610) 565-7985; [email protected]. You may 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 Administrator claims, establishing that you have the right to share in the recovery. Unless you submit a written opt-out request, you will be bound by any judgment entered in the action whether or not you make a claim.

If you wish to be excluded from the Settlement Class, you must submit a request for exclusion to the Claims Administrator to be 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 to be excluded from the Settlement Class will be bound by any judgment entered in the Action as provided in the Settlement.

Any objection to the settlement, the award plan, or to lead counsel’s request for an award of attorney’s fees and reimbursement of expenses and award to lead plaintiff must be made in the manner and under the form explained in the detailed notice and received no later than August 8. 2024, by each of the following elements:

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