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Aegean Maritime Petroleum Network, Inc. (ANW)

NYSE:ANW

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Aegean Marine Petroleum Network, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Aegean Marine Petroleum Network Inc. (“Aegean Marine” or the “Company”) (NYSE: ANW) of the August 6, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Aegean Marine stock or options between April 28, 2016 and June 4, 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Aegean Marine securities between April 28, 2016 and June 4, 2018 (the “Class Period”).  The case, Strougo v. Aegean Marine Petroleum Network Inc., et al, No. 18-cv-05165 was filed on June 8, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (i) Aegean Marine had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017; (ii) Aegean Marine failed to maintain effective internal control over financial reporting; and (iii) as a result of the foregoing, the Company’s statements about Aegean Marine’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis

Specifically, on June 4, 2018, Aegean Marine filed a Form 6-K announcing preliminary findings from the review, including that “approximately $200 million of accounts receivable at December 31, 2017 will need to be written off.” The 6-K states 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.”

After the announcement, Aegean Marine’s share price fell from $2.85 per share on June 4, 2018 to a closing price of $0.70 on June 5, 2018—a $2.15 or a 75.43% drop.

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  • Case:
    Aegean Maritime Petroleum Network, Inc. (ANW)
  •    

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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 06/08/2018

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