A lawsuit was filed on behalf of investors in Aegean Marine Petroleum Network Inc. (NYSE: ANW) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/20/2018 -- An investor in shares of Aegean Marine Petroleum Network Inc. (NYSE: ANW) filed a lawsuit in the over alleged violations Securities Laws by Aegean Marine Petroleum Network Inc.
Investors who purchased shares of Aegean Marine Petroleum Network Inc. (NYSE: ANW) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2018. NYSE: ANW investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
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.
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.
Those who purchased shares of Aegean Marine Petroleum Network Inc. (NYSE: ANW) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com