Aegean Marine Petroleum Network Inc.
| Company Name | Aegean Marine Petroleum Network Inc. |
| Stock Symbol | ANW |
| Class Period | April 28, 2016 to June 04, 2018 |
| Lead Plaintiff Motion Deadline | August 06, 2018 |
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 alleges that throughout the Class Period 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.
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