Aegean shares down 71%, to face legal investigations

Business

Published Wed, 6th June 2018
by Admin

Developments took place after the announcement of $200 million account discrepancy on Monday.

A number of law firms have filed legal suits, or commenced investigations, against New York-listed Aegean Marine Petroleum Network (Aegean) on behalf of investors after the firm announced a $200 million account discrepancy on Monday.

Share prices of Aegean fell $2.03 from $2.85 per share on June 4, 2018 to $0.82 per share on June 5, 2018 representing a decline of about 71% on Tuesday, after the announcement.

To date, the current firms investigating Aegean are:

Glancy Prongay & Murray LLP
Bernstein Liebhard LLP
Kaskela Law LLC
Kehoe Law Firm, P.C.
Pomerantz LLP
Kahn Swick & Foti, LLC
Block & Leviton LLP
Bronstein, Gewirtz & Grossman, LLC
Levi & Korsinsky LLP

A class action complaint filed by Levi & Korsinsky at the United States District Court Southern District of New York named Aegean ex-CEO and President Nikolas Tavarios and ex-CFO Spyros Gianniotis as defendants of the claim.

According to the complaint, each of the individual defendants:

directly participated in the management of the Company;
was directly involved in the day-to-day operations of the Company at the highest levels;
was directly or indirectly involved in drafting, producing, reviewing and/or disseminating the false and misleading statements and information alleged herein;
was directly or indirectly involved in the oversight or implementation of the Company’s internal controls;
was aware of or deliberately recklessly disregarded the fact that the false and misleading statements were being issued concerning the Company; and/or
approved or ratified these statements in violation of the federal securities laws

A timeline-accurate list of events preceding the current development can be found below:

Published: 6 June, 2018

Aegean shares down 71%, to face legal investigations

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