SAN DIEGO & ATHENS, Greece--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Aegean Marine Petroleum Network Inc. (NYSE: ANW) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between April 28, 2016 and June 4, 2018. Aegean, together with its subsidiaries, operates as a marine fuel logistics company that markets and supplies refined marine fuel and lubricants to vessels in port, at sea, and on rivers worldwide.
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Aegean Accused of Publishing Inaccurate Financial Results
According to the complaint, throughout the class period, Aegean issued a series of misleading financial statements with the U.S. Securities and Exchange Commission. Aegean claimed that the company's management is responsible for setting and maintaining credit standards and managing the overall quality of its credit portfolio. Despite these assurances, Aegean failed to implement sufficient financial controls. On June 5, 2018, Aegean announced that approximately $200 million of accounts receivable owed to the company would need to be written off, admitting that the transactions that gave rise to the accounts receivable may have been improperly accounted for. On this news, Aegean's stock plummeted over 75% to close at $0.70 per share on June 5, 2018.
Aegean Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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