On October 30, 2018, the Honorable Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York appointed Berman Tabacco as Lead Counsel for plaintiffs in the securities class action lawsuit against Aegean Marine Petroleum Network, Inc. and two of its executive officers. The action was brought on behalf of all persons who acquired the common stock of the Company during the period April 28, 2016 and June 4, 2018. The Order further appointed as Lead Plaintiff Berman Tabacco’s client, a state public pension fund.
The case alleges that (i) Aegean improperly accounted for approximately $200 million of accounts receivable as of December 31, 2017; (ii) Aegean failed to maintain effective internal controls over financial reporting; and (iii) as a result of the foregoing, defendants’ statements about the Company’s business, operations, prospects and compliance policies were false and misleading and/or lacked a reasonable basis. The case further alleges that because of defendants’ false statements and omissions, Aegean’s stock traded at artificially inflated prices during the class period.
The case is: In re Aegean Marine Petroleum Network, Inc. Securities Litigation, No. 18-cv-04993-NRB (S.D.N.Y.). The litigation team includes Nicole Lavallee and A. Chowning Poppler from the firm’s San Francisco office, and Steven J. Buttacavoli from the Boston office.