NEW YORK--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/aegeanmarine/) 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. (“Aegean Marine” or the “Company”) (NYSE:ANW) common stock between January 4, 2010 and February 3, 2011, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member of this Class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/aegeanmarine/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Aegean Marine and certain of its officers and directors with violations of the Exchange Act. Aegean Marine operates as a marine fuel logistics company that physically supplies and markets refined marine fuel and lubricants to ships in port and at sea.
The complaint 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 Marine announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, the Company reported 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%, to close at $15.65 per share, on heavy trading volume.
On November 10, 2010, Aegean Marine announced its financial results for the third quarter of 2010, the period ended September 30, 2010. For the quarter, 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%, to close at $10.28 per share, on heavy trading volume.
Then, 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. In reaction to the continuous decrease in demand for the Company’s products and services, the price of Aegean Marine stock fell $2.22 per share, or 20%, to close at $8.68 per share, on heavy trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Aegean Marine common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and Atlanta, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. The Robbins Geller Web site (http://www.rgrdlaw.com) has more information about the firm.