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, click
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 email@example.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
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.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Aegean Marine’s conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
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particular case. All communications will be treated in a confidential
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