NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is reminding investors that a class action lawsuit has been filed against Aegean Marine Petroleum Network Inc. (NYSE: ANW) (“Aegean” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Aegean stock or securities between April 28, 2016 and June 4, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information. Investors have until August 6, 2018, to move for lead plaintiff.
Aegean supplies and markets refined marine fuel and lubricants to ships in port and at sea. The Company also owns and operates a fleet of bunkering tankers.
The lawsuit 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.
On June 4, 2018, Aegean filed a Form 6-K announcing that “approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off.” Per the 6-K, certain “transactions that gave rise to the accounts receivable… may have been, in full or in part, without economic substance and improperly accounted for[.]”
On this news, the price of Aegean shares fell $2.15, over 75%, to close at $0.70 per share on June 5, 2018.
What You Can Do
If you purchased Aegean shares between April 28, 2016 and June 4, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at email@example.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.