INVESTOR REMINDER: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Class Action Lawsuit Filed against Aegean Marine Petroleum Network Inc.
The law firm of Kessler Topaz Meltzer & Check, LLP reminds Aegean Marine
Petroleum Network Inc. (NYSE: ANW) (“Aegean”) investors that a class
action lawsuit has been filed on behalf of purchasers of Aegean common
stock between April 28, 2016 and June 4, 2018, inclusive
(the “Class Period”).
REMINDER: Investors who purchased Aegean securities during the
Class Period may, no later than August 6, 2018,
seek to be appointed as a lead plaintiff representative of the class.
For additional information or to learn how to participate in this action
please visit https://www.ktmc.com/new-cases/aegean-marine-petroleum-network-inc#join.
According to the complaint, Aegean is a marine fuel logistics company
that markets and physically supplies refined marine fuel and lubricants
to vessels in port, at sea, and on rivers. Aegean procures marine fuel
from refineries, major oil producers, and other sources along with
reselling and delivering these fuels from its bunkering vessels to end
users.
The Class Period commences on April 28, 2016, when Aegean filed a Form
20-F with the SEC announcing the company’s financial and operating
results for the fiscal fourth quarter and fiscal year ended December 31,
2015.
The complaint alleges that on May 22, 2018, Aegean filed a Form 6-K with
the SEC announcing an internal review of its financial reporting. Aegean
also issued a press release which stated in relevant part, “Aegean also
announced that it has received an expected notice from the New York
Stock Exchange (“NYSE”) stating that the Company is not in compliance
with the NYSE’s continued listing requirements under the timely filing
criteria outlined in Section 802.01E of the NYSE Listed Company Manual
due to the delay in filing the Company’s Annual Report on Form 20-F for
the fiscal year ended December 31, 2017.”
Then, on June 5, 2018, Aegean filed a Form 6-K with the SEC announcing
the preliminary findings of its internal review of its financial
reporting. Therein, Aegean stated in relevant part, “Based on the
preliminary findings of the review, the Audit Committee believes that
approximately $200 million of accounts receivable owed to the Company at
December 31, 2017 will need to be written off,” and further that “there
could be other adjustments that result from the Audit Committee’s review
that could impact the financial statements.” Following this news, the
company’s common stock price fell $2.15 to close at $0.70 on June 5,
2018.
The complaint alleges that throughout the Class Period, the 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, the defendants’ statements about Aegean’s
business, operations, and prospects, were false and misleading and/or
lacked a reasonable basis.
Investors who wish to discuss this action and their legal options are
encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro,
Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.
Aegean investors may, no later
than August 6, 2018, seek to be appointed as a lead
plaintiff representative of the class through Kessler Topaz Meltzer &
Check, or other counsel, or may choose to do nothing and remain an
absent class member. A lead plaintiff is a representative party who acts
on behalf of all class members in directing the litigation. In order to
be appointed as a lead plaintiff, the Court must determine that the
class member’s claim is typical of the claims of other class members,
and that the class member will adequately represent the class in the
action. Your ability to share in any recovery is not affected by the
decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and
federal courts throughout the country. Kessler Topaz Meltzer & Check is
a driving force behind corporate governance reform, and has recovered
billions of dollars on behalf of institutional and individual investors
from the United States and around the world. The firm represents
investors, consumers and whistleblowers (private citizens who report
fraudulent practices against the government and share in the recovery of
government dollars). The complaint in this action was not filed by
Kessler Topaz Meltzer & Check. For more information about Kessler Topaz
Meltzer & Check, please visit www.ktmc.com.
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