RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a class action lawsuit has been filed against Aegean Marine Petroleum Network Inc. (NYSE: ANW) (“Aegean” or the “Company”) on behalf of investors who purchased or acquired the Company’s securities between April 28, 2016 and June 4, 2018, inclusive (the “Class Period”).
On June 4, 2018, Aegean disclosed that “approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off. … The transactions that gave rise to the accounts receivable (“the Transactions”) 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.” Additionally, the Company disclosed that “there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.”
Following this disclosure, shares of the Company’s stock declined $2.15 per share, or over 75%, to close on June 5, 2018 at $0.70 per share.
The class action complaint alleges that Aegean and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Aegean had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017; and (ii) Aegean failed to maintain effective internal control over financial reporting. The complaint further alleges that, as a result of the foregoing, investors purchased Aegean’s securities at artificially inflated prices during the Class Period and sustained significant investment losses following the Company’s June 4, 2018 disclosures.
IMPORTANT DEADLINE: Investors who purchased Aegean securities during the Class Period may, no later than August 6, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Aegean investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 to discuss their legal rights and options with respect to this action. Additional information about this action may also be found at www.kaskelalaw.com/case/aegean.