Astec Free of Investors’ Wood Pellet Plant Business Allegations

Astec Industries Inc. beat a would-be class suit alleging it misled investors about several wood pellet plants after a federal judge in Tennessee dismissed the case with prejudice.

The industrial conglomerate’s investors accused it of misleading them about its foray into the wood pellet plant business. Their complaint “fails to meet the stringent standards” for securities fraud suits, the U.S. District Court for the Eastern District of Tennessee said.

The investors didn’t specifically identify “why the statements they believe are misleading are in fact misleading,” Judge Charles E. Atchley Jr.'s opinion said. The complaint “provided a hodge-podge of both ...