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 along with reselling and delivering 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. On November 9, Lead Plaintiff and one of the external Auditors entered into a Stipulation and Agreement of Partial Settlement.