NEW YORK, June 27, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Aegean Marine Petroleum Network Inc. (ANW) ("Aegean”) between April 28, 2016 and June 4, 2018, inclusive (the "Class Period").
Investors who have incurred losses in shares of Aegean Marine Petroleum Network Inc. are urged to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have incurred losses in the shares of Aegean Marine Petroleum Network Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than August 6, 2018, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Aegean Marine Petroleum Network Inc.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that:
- Aegean had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017;
- Aegean failed to maintain effective internal control over financial reporting; and
- as a result of the foregoing, the defendants' statements about Aegean's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On May 22, 2018, Aegean filed a Form 6-K with the SEC announcing an internal review of its financial reporting. Aegean also issued a press release which stated in relevant part, "Aegean also announced that it has received an expected notice from the New York Stock Exchange ("NYSE") stating that the Company is not in compliance with the NYSE's continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual due to the delay in filing the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2017."
Then, on June 5, 2018, Aegean filed a Form 6-K with the United States Securities and Exchange Commission (SEC) announcing the preliminary findings of its internal review of its financial reporting. Therein, Aegean stated in relevant part, "Based on the preliminary findings of the review, the Audit Committee believes that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off," and further that "there could be other adjustments that result from the Audit Committee's review that could impact the financial statements."
Following this surprising news, the company's common stock price fell $2.15 to close at $0.70 on June 5, 2018, a decline of over 75% for the day.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at email@example.com, or visit our website at www.whafh.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: firstname.lastname@example.org, email@example.com or firstname.lastname@example.org
Tel: (800) 575-0735 or (212) 545-4774
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