A class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Aegean Marine Petroleum Network Inc. (NYSE: ANW) common stock between January 4, 2010 and February 3, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”). The complaint charges Aegean Marine and certain of its officers and directors with violations of the Exchange Act. Aegean Marine operates as a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea.
The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company’s true financial condition, business and prospects. Specifically, the complaint alleges: (a) that the Company was experiencing declining demand for its products and services, especially in the Singapore and Rotterdam ports; (b) that the Company was reducing its prices in competitive markets, which had a significant impact on its profit margins; (c) that the Company’s acquisition of Verbeke Bunkering N.V. was not performing according to internal expectations; and (d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its prospects.
On August 11, 2010, Aegean Marine announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, the Company reported net income of $12.0 million, and total revenues of $1,336.6 million. In reaction to the Company’s second quarter financial results, the price of Aegean Marine stock fell $3.40 per share, or 18%, to close at $15.65 per share, on heavy trading volume. On November 10, 2010, Aegean Marine announced its financial results for the third quarter of 2010, the period ended September 30, 2010. For the quarter, the Company reported net income of $4.6 million, and total revenues of $1,340.0 million. In reaction to this announcement, the price of Aegean Marine stock fell $5.68 per share, or 36%, to close at $10.28 per share, on heavy trading volume. Then, on February 3, 2011, the Company announced its preliminary financial results for the fourth quarter of 2010. For the quarter, the Company expected to report a net loss of between $12.0 million and $13.0 million. In reaction to the continuous decrease in demand for the Company’s products and services, the price of Aegean Marine stock fell $2.22 per share, or 20%, to close at $8.68 per share, on heavy trading volume.
If you are a current shareholder and purchased during the period January 4, 2010 and February 3, 2011, and would like to discuss your options of exercising your rights as a shareholder, please contact us.
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