A class action lawsuit has been filed against Aegean Marine Petroleum (NYSE: ANW) on behalf of investors in the company in connection to alleged violations of securities laws. Stoltmann Law Offices is interested in hearing from those investors who may have lost money with ANW. According to the complaint, ANW may have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public. As of December 31, 2017, the company inaccurately accounted for $200 million in accounts receivable, the company did not have proper internal controls to govern its financial reporting, and the company’s statements to the public during the time period were false and misleading. On June 5th, 2018, the company stated that “approximately $200 million of accounts receivable owed the company will need to be written off,” and that it could not determine “the full impact on the financial statements or how this adjustment will be recorded…there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.”
According to ANW’s website, it is a “marine fuel Logistics Company that physically supplies and markets refined marine fuels and lubricants to ships in port and at sea.” It is the largest independent physical supplier that buys fuel from refiners, oil producers and other sources, which it then resells and delivers using its own double-hull fleet.
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.