NEW YORK, June 7, 2018 /PRNewswire/ -- 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 per share, or over 75%, from its previous
closing price to close at $0.70 per
share 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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ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
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