LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Aegean Marine Petroleum Network Inc. ("Aegean Marine" or the "Company") (NYSE: ANW) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On May 22, 2018, Aegean Marine announced it would undertake a review of its financial reporting. On June 4, 2018, the Company released its initial findings of the review, announcing that, "approximately $200 million of accounts receivable at December 31, 2017 will need to be written off." The Company added, "transactions that gave rise to the accounts receivable … may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company's normal policies and procedures." Once this news reached the marketplace, shares of Aegean Marine fell precipitously during intraday trading on June 5, 2018.
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