NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that only 58 days remain to file lead plaintiff applications in a securities fraud class action lawsuit against Aegean Marine Petroleum Network Inc. (“Aegean Marine” or the “Company”) (NYSE: ANW). The lawsuit was filed in the United States District Court for the Southern District of New York on behalf of the purchasers of the common stock of Aegean Marine between January 4, 2010 and February 3, 2011, inclusive (the “Class Period”). The lawsuit alleges violations of the Securities Exchange Act of 1934.
What You May Do
If you are an Aegean Marine shareholder and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free, 877-515-1850, or via cell phone any time at 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. (neil.rothstein@ksfcounsel.com), toll free at 877-694-9510, or via cell phone any time at 330-860-4092. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 11, 2011. 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. KSF encourages both institutional and individual purchasers of Aegean Marine to contact the firm. The ultimate resolution of any securities class action is strengthened through the involvement of aggrieved shareholders and lead plaintiffs who have large financial interests. KSF also encourages anyone with information regarding Aegean Marine’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
About the Lawsuit
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 February 3, 2011, following the decline of its stock price after previously announcing disappointing financial results, 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.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 Million Settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.),Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP plc, AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines.
To learn more about KSF, you may visit www.ksfcounsel.com.