||Aegean Marine Petroleum Network Inc.
||United States District Court for the Southern District of New York
||The Hon. Naomi Reice Buchwald
||Between February 27, 2014 and November 5, 2018
On June 05, 2018, the initial complaint in this securities class action was filed against Aegean Marine Petroleum Network Inc. (“Aegean” or the “Company”), and certain of Aegean’s directors, officers and auditors, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that throughout the class period, the 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, the defendants' statements about the Company's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
This securities class action lawsuit was brought on behalf of investors who purchased or otherwise acquired Aegean securities between February 27, 2014 and November 5, 2018, inclusive.
Current Status of Case:
Between March 6, 2020 and April 3, 2020, the auditor defendants and the individual defendants filed several motions to dismiss the Consolidated Class Action Complaint. The motions to dismiss have been fully briefed and are pending before the Court. This action is still ongoing.
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