LOS ANGELES--(BUSINESS WIRE)--National securities litigation law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased Aegean Marine Petroleum Network Inc. (“Aegean” or the “Company”) (NYSE: ANW) securities between April 28, 2016 and June 4, 2018, inclusive (the “Class Period”). Aegean investors have until August 6, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Aegean investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On June 4, 2018, Aegean announced, following an internal review, that the Company’s Audit Committee “believes that approximately $200 million of accounts receivable at December 31, 2017 will need to be written off” because certain 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.” On this news, Aegean’s share price fell more than 70% on June 5, 2018, thereby injuring investors.
The complaint filed in this class action alleges that 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, Defendants' statements about Aegean's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
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If you purchased shares of Aegean during the Class Period you may move the Court no later than August 6, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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