Aegean Marine Petroleum Network Inc.

Aegean (ANW) Accused of Publishing Inaccurate Financial Results

According to the complaint, throughout the class period, Aegean (ANW) issued a series of misleading financial statements with the U.S. Securities and Exchange Commission. Aegean claimed that the company’s management is responsible for setting and maintaining credit standards and managing the overall quality of its credit portfolio. Despite these assurances, Aegean failed to implement sufficient financial controls. On June 5, 2018, Aegean announced that approximately $200 million of accounts receivable owed to the company would need to be written off, admitting that the transactions that gave rise to the accounts receivable may have been improperly accounted for. On this news, Aegean’s stock plummeted over 75% to close at $0.70 per share on June 5, 2018.

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