Berman Tabacco

Aegean Marine Petroleum Network Securities Litigation

In re Aegean Marine Petroleum Network, Inc. Securities Litigation, No. 18-cv-04993-NRB (S.D.N.Y.)

Berman Tabacco is Lead Counsel representing Lead Plaintiff, a state public pension fund, in a securities fraud class action lawsuit against Aegean Marine Petroleum Network, Inc. (“Aegean”), a marine fuel logistics company based in Greece that supplies and markets refined marine fuel and lubricants to ships in port and at sea, and two of its executive officers, on behalf of all persons who acquired the common stock of Aegean during the period between April 28, 2016 and June 4, 2018. The case alleges that (i) Aegean had 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.