Bunker Supplier Aegean Marine Hit with Class Action Lawsuit Over $200 Million Write-Off

aegean marine petroleum class action lawsuit
Photo: Alex Staroseltsev / Shutterstock

International bunker fuel supplier Aegean Marine Petroleum Network Inc. (NYSE: ANW) has been hit with a class action lawsuit alleging that the company and some its executives violated federal securities laws by failing to disclose material information related to the $200 million accounts receivable write-off revealed by the company last week.

The class-action lawsuit against Aegean was filed in the United States District Court for the Southern District of New York and is open to investors who purchased the company’s shares between April 28, 2016, and June 4, 2018.

The lawsuit alleges that Aegean and some of its executives failed to disclose material information during the Class Period in violation of federal securities laws, causing damages to investors. 

The suit comes after Aegean last week disclosed that an ongoing internal review of its financial reporting revealed that $200 million owed to the company as of December 31, 2017, will have to be written off. Aegean suggested that the transactions in question may have been the result of wrong-doing and its discloser also left open the possibility that more adjustments may result from the review. 

The news sent shares in the company plummeting more than 75% on the day of the disclosure. 

Investors who may have been impacted have until August 6, 2018 to join the class action lawsuit.

Aegean is one of the world’s leading physical suppliers of marine bunker fuel. The company operates in 27 markets and 57 ports around the world and has a modern fleet of 61 bunkering tankers and 12 million cubic meters of tank storage.