RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that an investor class action lawsuit has been filed against Aegean Marine Petroleum Network Inc. (NYSE: ANW) (“Aegean”) on behalf of purchasers of Aegean common stock between April 28, 2016 and June 4, 2018, inclusive (the “Class Period”).
Aegean investors who purchased securities during the Class Period may, no later than August 6, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/aegean-marine-petroleum-network-inc#join
According to the complaint, Aegean is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to vessels in port, at sea, and on rivers. Aegean procures marine fuel from refineries, major oil producers, and other sources along with reselling and delivering these fuels from its bunkering vessels to end users.
The Class Period commences on April 28, 2016, when Aegean filed a Form 20-F with the SEC announcing the company’s financial and operating results for the fiscal fourth quarter and fiscal year ended December 31, 2015.
The complaint alleges that on May 22, 2018, Aegean filed a Form 6-K with the SEC announcing an internal review of its financial reporting. Aegean also issued a press release which stated in relevant part, “Aegean also announced that it has received an expected notice from the New York Stock Exchange (“NYSE”) stating that the Company is not in compliance with the NYSE’s continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual due to the delay in filing the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2017.”
Then, on June 5, 2018, Aegean filed a Form 6-K with the SEC announcing the preliminary findings of its internal review of its financial reporting. Therein, Aegean stated in relevant part, “Based on the preliminary findings of the review, the Audit Committee believes that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off,” and further that “there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.” Following this news, the company’s common stock price fell $2.15 to close at $0.70 on June 5, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Aegean had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017; (ii) Aegean failed to maintain effective internal control over financial reporting; and (iii) as a result of the foregoing, the defendants’ statements about Aegean’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Aegean investors may, no later than August 6, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.