Thu 10 Feb 2011 14:29

Aegean facing class action lawsuit


US law firm files class action suit against bunker supplier Aegean Marine Petroleum.



Robbins Geller Rudman & Dowd LLP has today announced that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Aegean Marine Petroleum Network Inc. common stock between January 4, 2010 and February 3, 2011.

The complaint charges Aegean Marine and certain of its officers and directors with violations of the Exchange Act. It alleges that, throughout the class period, defendants failed to disclose material adverse facts about the company's true financial condition, business and prospects.

Specifically, the complaint alleges:

(a) that the company was experiencing declining demand for its products and services, especially in the Singapore and Rotterdam ports;

(b) that the company was reducing its prices in competitive markets, which had a significant impact on its profit margins;

(c) that the company's acquisition of Verbeke Bunkering N.V. was not performing according to internal expectations; and

(d) that, as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the company and its prospects.

On August 11, 2010, Aegean announced its financial results for the second quarter of 2010, the period ended June 30, 2010. The company reported a net income of $12.0 million, and total revenues of $1,336.6 million. In reaction to the company's second quarter financial results, the price of Aegean Marine stock fell $3.40 per share, or 18 percent, to close at $15.65 per share, on heavy trading volume.

On November 10, 2010, Aegean announced its financial results for the third quarter of 2010, the period ended September 30, 2010. The company reported net income of $4.6 million, and total revenues of $1,340.0 million. In reaction to this announcement, the price of Aegean Marine stock fell $5.68 per share, or 36 percent, to close at $10.28 per share, also on heavy trading volume.

on February 3, 2011, the company announced its preliminary financial results for the fourth quarter of 2010. For the quarter, the company expected to report a net loss of between $12.0 million and $13.0 million. As a result, the price of Aegean stock fell $2.22 per share, or 20 percent, to close at $8.68 per share, on heavy trading volume.

The claimant is seeking to recover damages on behalf of all purchasers of Aegean Marine common stock during the class period.


CEO, Fredrik Witte and CFO, Mette Rokne Hanestad. Corvus Energy raises $60m from consortium for maritime battery expansion  

Norwegian energy storage supplier secures growth capital to accelerate zero-emission shipping solutions.

Indian Register of Shipping hosts at LISW 2025. Shipping industry warned nuclear power is essential to meet 2050 net zero targets  

Experts say government backing is needed for nuclear investment.

Rendering of LNG bunkering vessel Avenir TBN. ExxonMobil enters LNG bunkering with two vessels planned for 2027  

Energy company to charter vessels from Avenir LNG and Evalend Shipping for marine fuel operations.

Logos of international maritime associations supporting IMO Net Zero Framework. Shipping associations back IMO Net-Zero Framework ahead of key vote  

Seven international associations urge governments to adopt comprehensive decarbonisation rules at IMO meeting.

Concept illustration of biofuel and renewable energy production. Study claims biofuels emit 16% more CO2 than fossil fuels they replace  

Transport & Environment report challenges biofuels as climate solution ahead of COP30.

Rendering of Green Ammonia FPSO. ABB to supply automation systems for floating green ammonia production vessel  

Technology firm signs agreement with SwitcH2 for Portuguese offshore facility producing 243,000 tonnes annually.

VPS launches VeriSphere digital platform. VPS launches Verisphere digital platform to streamline marine fuel decarbonisation tools  

New ecosystem connects multiple maritime emissions solutions through single user interface.

Wallenius Sol vessel Botnia Enabler. Wallenius Sol joins Gasum's FuelEU Maritime compliance pool as bio-LNG generator  

Partnership aims to help shipping companies meet EU carbon intensity requirements through bio-LNG pooling.

IAPH Clean Marine Fuels Working Group. IAPH launches products portal with ammonia bunker safety checklist  

Port association releases industry-first ammonia fuel checklist alongside updated tools for alternative marine fuels.

Berkel AHK Logo. Berkel AHK joins Global Ethanol Association as founding member  

German ethanol producer becomes founding member of industry association focused on marine fuel applications.





 Recommended