NEW YORK, June 05, 2018 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Aegean Marine Petroleum Network Inc. (“Aegean” or the “Company”) (NYSE: ANW ) between April 28, 2016 and June 4, 2018, both dates inclusive (the “Class Period”). The lawsuit seeks to recover Aegean shareholders’ investment losses.
To join the Aegean class action, and/or if you have information relating to this matter, please visit our AEGEAN SHAREHOLDER PAGE or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com .
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Aegean had improperly accounted for approximately $200 million of accounts receivable as of December 31, 2017; (2) Aegean failed to maintain effective internal control over financial reporting; and (3) 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, during aftermarket hours, Aegean revealed “that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off,” as “[t]he transactions that gave rise to the accounts receivable (“the 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.” Aegean further revealed that “[a] number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of [an] investigation. The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations.”
On this news, Aegean’s stock fell $2.18, or over 75%, from its previous closing price to close at $0.70 on June 5, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information
Daniel Sadeh Bernstein Liebhard LLP http://www.bernlieb.com (877) 779-1414 dsadeh@bernlieb.com
