NEW YORK, June 28, 2018 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Aegean Marine Petroleum Network Inc. ("Aegean" or the "Company") (NYSE: ANW) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-05165, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise acquired Aegean securities between April 28, 2016 and June 4, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Aegean securities between April 28, 2016, and June 4, 2018, both dates inclusive, you have until August 6, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Aegean Marine Petroleum Network Inc. 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 in multiple jurisdictions.
The Complaint 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.
On May 22, 2018, Aegean Marine announced an internal review of its financial reporting. Then, on June 4, 2018, Aegean Marine announced its preliminary findings from the review, including that "approximately $200 million of accounts receivable at December 31, 2017 will need to be written off." Aegean Marine further advised investors that certain "transactions that gave rise to the accounts receivable . . . 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 Marine's share price fell $2.15, or 75.43%, to close at $0.70 on June 5, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP