Investor Alert: Kaplan Fox Announces Investigation Of Aegean Marine Petroleum Network Inc.
NEW YORK, June 7, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Aegean Marine Petroleum Network Inc. ("Aegean Marine" or the "Company") (NYSE: ANW), a marine fuel logistics company. Investors who purchased shares of Aegean Marine securities between April 28, 2016 and June 4, 2018 (the "Class Period") may be affected.
On April 30, 2018 after the market closed, Aegean Marine filed a Notification of Late Filing with the Securities and Exchange Commission ("SEC") stating that it would not be able to timely file its 2017 Form 20-F for the fiscal year ended December 31, 2017. Following this news, Aegean Marine's stock dropped 1.8%, or $0.05 per share, to close at $2.75 per share on May 1, 2018.
On May 22, 2018, Aegean Marine announced that it had "reinvigorated its Board of Directors with the addition of three new independent directors" and that the Board had directed management "to conduct a comprehensive strategic and operational review focused on maximizing profitability and return on capital." The Company also announced an internal review of its financial reporting.
Then, on June 4, 2018 after the market closed, Aegean Marine disclosed "that approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off," as "[t]he transactions that gave rise to the accounts receivable ("the 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." Aegean Marine also revealed that "[a] number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation" and that "[t]he Company has reported its preliminary findings to the SEC and the Department of Justice."
Following this news, Aegean Marine stock fell sharply by $2.15 per share, more than 75%, to close at $0.70 per share on June 5, 2018.
A class action complaint has been filed in the United States District Court for the Southern District of New York against Aegean Marine, the Company's Chief Executive Officer, Nikolas Tavlarios, and the Company's Chief Financial Officer, Spyros Gianniotis, alleging that throughout the Class Period the defendants failed to disclose that (1) Aegean Marine had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017, (2) Aegean Marine failed to maintain effective internal control over financial reporting, and (3) as a result of the foregoing, defendants' statements about Aegean Marine's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you are a member of the proposed Class, you may move the court no later than August 6, 2018 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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