RM LAW, P.C. has commenced an investigation into potential securities law violations by certain officers of Aegean Marine Petroleum Network Inc. (“Aegean Marine” or the “Company”) (NYSE: ANW).
If you purchased shares of Aegean Marine and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
On June 4, 2018, Aegean disclosed that “approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off. … The transactions that gave rise to the accounts receivable (“the Transactions”) may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company’s normal policies and procedures.” Additionally, the Company disclosed that “there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.”
Following this disclosure, shares of the Company’s stock declined $2.15 per share, or over 75%, to close on June 5, 2018 at $0.70 per share.