According to the Complaint, Aegean Marine Petroleum Network Inc. ("Aegean") is a marine fuel logistics company that markets and physically supplies refined marine fuel and lubricants to vessels in port, at sea, and on rivers. Aegean procures marine fuel from refineries, major oil producers, and other sources and resells and delivers these fuels from its bunkering vessels to end users.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) Aegean had improperly accounted for an approximate $200 million of accounts receivable as of December 31, 2017; (ii) Aegean failed to maintain effective internal control over financial reporting; and (iii) as a result of the foregoing, Defendants’ statements about Aegean’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

On October 30, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be captioned "In re Aegean Marine Petroleum Network Inc. Securities Litigation."

On November 15, 2018, the Company issuer filed a Notice of Suggestion of Bankruptcy. Lead Plaintiff filed a consolidated Complaint on January 31, 2019. On February 1, Lead Plaintiff re-filed the consolidated Complaint to correct a filing error.

On August 27, 2021, the parties notified the Court that they had reached an agreement in principle to settle the case with the external Auditor, PricewaterhouseCoopers Auditing Company S.A. On November 9, Lead Plaintiff and the external Auditor, PricewaterhouseCoopers, entered into a Stipulation and Agreement of Partial Settlement.

On March 24, 2022, Lead Plaintiff and the second external Auditor, Deloitte Certified Public Accountants, S.A., entered into a Stipulation and Agreement of Partial Settlement. Also on March 24, Lead Plaintiff filed an amendment to the Stipulation and Agreement of Partial Settlement dated November 9, 2021.

The Court granted preliminary approval of both settlements on June 3, 2022. On September 14, the Court granted final approval of the Settlements, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On April 21, 2023, Lead Plaintiff entered into Stipulations and Agreements of Settlement with two of the individual Defendants. On June 1, the Court issued Orders preliminarily approving the Settlements. On October 19, the Court granted final approval of the two Settlements, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.