Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Aegean Marine Petroleum Network (NYSE:ANW) in connection to alleged violations of securities laws by ANW. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Aegean Marine Petroleum Network between April 28, 2016 and June 4, 2018.
The class action complaint specifically alleges that during the period in question, ANW might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, chiefly: that as of December 31, 2017 the company inappropriately accounted for about $200 million in accounts of receivable; that the company did not have proper internal controls governing its financial reporting; and that consequently the company’s statements to the public during the relevant period were false and misleading. When the company disclosed on June 5, 2018, that “approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off,” as well as that it could not determine “the full impact on the financial statements or how this adjustment will be recorded…there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements,” its share prices declined.$2.15/share to a close of $0.70/share on that day.
According to the company’s website, Aegean Marine Petroleum Network is a “marine fuel Logistics Company that physically supplies and markets refined marine fuels and lubricants to ships in port and at sea.” It describes itself as the largest independent physical supplier that buys fuel from refiners, oil producers and other sources, which it then resells and delivers using its own double-hull fleet. The company trades on the New York Stock Exchange under the symbol ANW.
A class action lawsuit has already been filed in connection with Aegean Marine Petroleum Network. If you wish to serve as lead plaintiff in the ANW lawsuit, you must move the Court no later than August 6, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.