| Company: | Aegean Marine Petroleum Network |
| Ticker Symbol: | ANW |
| Class Period: | Jan-4-10 to Feb-3-11 |
| Date Filed: | Feb-14-11 |
| Lead Plaintiff Deadline: | Apr-15-11 |
| Court: | Southern District of New York |
| Allegations: | |
According to the complaint the plaintiff alleges that Aegean Marine Petroleum Network Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose between January 4, 2010 and February 3, 2011, material adverse facts about Aegean Marine Petroleum Network's true financial condition, business and prospects. Shares of Aegean Marine Petroleum Network Inc. traded on January 8, 2010 as high as $33.98 per share and fell to as low as $8.68per share on February 3, 2011.
Specifically, the securities class action lawsuit alleges Aegean Marine Petroleum Network Inc knew but failed between January 4, 2010 and February 3, 2011 to disclose declining demand for its products and services, particularly in the Singapore and Rotterdam ports. Further, the complaint alleges Aegean Marine Petroleum Network's acquisition of Verbeke Bunkering N.V. was not performing according to internal expectations.
Aegean Marine Petroleum Network's 12month Total Revenue increased from $803.81 million in 2006 to $2,470.96 million in 2009. Its Net Income rose from $24.23 million in 2006 to $48.52 million in 2009. Aegean Marine Petroleum Network Inc. reported in the first three quarters in 2010 a combined nine months Total Revenue that succeeded by far its 12 months Total Revenue in 2009. Aegean Marine Petroleum Network Inc. reported a combined nine months Total Revenue of $3,519.93 million for the first three quarters in 2010. Its Net Income for the first three quarters in 2010 was $30.73 million.
On August 11, 2010, Aegean Marine Petroleum Network Inc. announced its financial results for the second quarter of 2010, the period ended June 30, 2010. For the quarter, Aegean Marine Petroleum Network Inc. reported net income of $12.0 million, and total revenues of $1,336.6 million. The price of Aegean Marine Petroleum Network Inc. stock (ANW) fell $3.40 per share, or 18%, to close at $15.65 per share on August 12, 2010.
On November 10, 2010, Aegean Marine Petroleum Network Inc. announced its financial results for the third quarter of 2010, the period ended September 30, 2010. For the quarter, Aegean Marine Petroleum Network Inc. reported net income of $4.6 million, and total revenues of $1,340.0 million. The price of Aegean Marine Petroleum Network Inc. stock (ANW) fell $5.68 per share, or 36%, to close at $10.29 per share on November 11, 2010.
Then, on February 3, 2011, Aegean Marine Petroleum Network Inc. announced its preliminary financial results for the fourth quarter of 2010. For the quarter, Aegean Marine Petroleum Network Inc. expected to report a net loss of between $12.0 million and $13.0 million. The price of Aegean Marine Petroleum Network Inc. stock fell $2.22 per share, or 20%, to close at $8.68 per share on February 3, 2011 and $8.86 on Feb. 10, 2011.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
