PIRAEUS, Greece, Feb. 14, 2011 /PRNewswire/ -- Aegean Marine Petroleum Network Inc. (NYSE: ANW) today announced that it has been named as a defendant in a putative securities class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of purchasers of the Company's common stock during the period between January 4, 2010 and February 3, 2011. The Company's Chairman of the Board, President and Chief Financial Officer were also named as individual defendants.
The complaint asserts claims under the Securities Exchange Act of 1934 and alleges, among other things, that the Company misrepresented and failed to disclose material adverse facts related to its financial condition, business and prospects during the class period.
The Company firmly believes that the lawsuit is without merit, that it unfairly impugns the integrity both of the Company and individual defendants, and the Company intends to defend the action as vigorously as possible.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to ships in port and at sea. The Company procures product from various sources (such as refineries, oil producers, and traders) and resells it to a diverse group of customers across all major commercial shipping sectors and leading cruise lines. Currently, Aegean has a global presence in more than 16 markets, including Vancouver, Montreal, Mexico, Jamaica, Trinidad and Tobago, West Africa, Gibraltar, U.K., Northern Europe, Piraeus, Patras, the United Arab Emirates, Singapore, Morocco, the Antwerp-Rotterdam-Amsterdam (ARA) region, and Las Palmas, and plans to commence operations in Cape Verde during the first quarter of 2011.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "intend," "anticipate," "estimate," "project," "forecast," "plan," "potential," "may," "should," "expect" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
SOURCE Aegean Marine Petroleum Network Inc.