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Aegean Marine Petroleum Network Inc (NYSE: ANW) Investor Securities Class Action Lawsuit 06/05/2018

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Lawsuit Overview

Company
Aegean Marine Petroleum Network Inc.
Security
NYSE: ANW

Case Name
Aegean Marine Petroleum Network Shareholder Class Action 06/05/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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Summary

January 31, 2019 - A consolidated complaint was filed.

November 15, 2018 - A notice of suggestion of bankruptcy was filed.

June 5, 2018 - An investor in shares of Aegean Marine Petroleum Network Inc (NYSE: ANW) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Aegean Marine Petroleum Network Inc in connection with certain allegedly false and misleading statements made between April 28, 2016 and June 4, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Aegean Marine Petroleum Network Inc (NYSE: ANW) common shares between April 28, 2016 and June 4, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 28, 2016 and June 4, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Aegean Marine Petroleum Network Inc had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017, that Aegean Marine Petroleum Network Inc failed to maintain effective internal control over financial reporting, and that 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.

Greece based Aegean Marine Petroleum Network Inc, together with its subsidiaries, operates as a marine fuel logistics company that markets and supplies refined marine fuel and lubricants to vessels in port, at sea, and on rivers worldwide. Aegean Marine Petroleum Network Inc reported that its annual Total Revenue rose from over $4.07 billion in 2016 to over $5.67 billion in 2017 an that its Net Income of $51.87 million in 2016 turned into a Net loss of $29.3 million in 2017.

On May 22, 2018, Aegean Marine Petroleum Network Inc announced an internal review of its financial reporting. Then on June 4, 2018, Aegean Marine Petroleum Network Inc filed announced its preliminary findings from the review, including that “approximately $200 million of accounts receivable at December 31, 2017 will need to be written off.” Aegean Marine Petroleum Network Inc said that, 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.”

Shares of Aegean Marine Petroleum Network Inc (NYSE: ANW) declined from $3.55 per share in May 2018 to as low as $0.70 per share on June 5, 2018.