|[July 12, 2018]
Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Aegean Marine Petroleum Network Inc. Investors (ANW)
National securities litigation law firm Glancy
Prongay & Murray LLP ("GPM") announces that a class action
lawsuit has been filed on behalf of investors that purchased Aegean
Marine Petroleum Network Inc. ("Aegean" or the "Company") (NYSE: ANW)
securities between April 28, 2016 and June 4, 2018, inclusive
(the "Class Period"). Aegean investors have until August 6, 2018 to
file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here
Investors that suffered losses on their Aegean investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to email@example.com.
On June 4, 2018, Aegean announced, following an internal review, that
the Company's Audit Committee "believes that approximately $200 million
of accounts receivable at December 31, 2017 will need to be written off"
because certain 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." On this news, Aegean's share
price fell more than 70% on June 5, 2018, thereby injuring investors.
The complaint filed in this class action alleges that defendants made
false and/or misleading statements and/or failed to disclose that: (i)
Aegean had improperly accounted for an approximate $200 million of
accounts receivable as of December 31, 2017; (ii) Aegean failed to
maintain effective internal control over financial reporting; and (iii)
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.
Follow us for updates on Twitter (News - Alert): twitter.com/GPM_LLP.
If you purchased shares of Aegean during the Class Period you may move
the Court no later than August 6, 2018 to ask the Court to
appoint you as lead plaintiff. To be a member of the Class you need not
take any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century
Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150,
Toll-Free at 888-773-9224, by email to firstname.lastname@example.org,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180712005917/en/
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