BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith 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.
Investors that suffered losses on their Aegean investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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 throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, 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 materially false and misleading at all relevant times.
If you purchased shares of Aegean during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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