Aegean Marine Petroleum Network Inc. Shareholder Alert - ANW Stock Drop - Kehoe Law Firm, P.C. Investigating
PHILADELPHIA, June 5, 2018 /PRNewswire/ -- Kehoe Law Firm, P.C. announces an investigation of Aegean Marine Petroleum Network Inc. ("Aegean Marine Petroleum" or "Company") (NYSE: ANW) on behalf of its stockholders concerning whether Aegean Marine Petroleum's officers or directors engaged in possible violations of the federal securities laws or breached fiduciary duties owed to ANW and its stockholders.
On June 4, 2018, Aegean Marine Petroleum revealed that approximately $200 million of accounts receivable as of December 31, 2017 will need to be written off.
According to ANW:
The transactions that gave rise to the accounts receivable (the "Transactions") may have been, in full or in part, without economic substance and improperly accounted for in contravention of the Company's normal policies and procedures. At this time, the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded.
ANW also reported:
A number of individuals employed by the Company across multiple functions who are believed to have been involved in the Transactions have been terminated or placed on administrative leave pending the outcome of the investigation. The Company has reported its preliminary findings to the SEC and the Department of Justice and intends to cooperate with any resulting investigations. The Company does not intend to provide an update on this process until the review is completed.
On this news, in after-hours trading on June 4, 2018, Aegean Marine Petroleum's stock price dropped more than 57%, from a close of $2.85 to as low as $1.20 per share.
To discuss the investigation and potential legal claims, ANW stockholders are encouraged to contact John Kehoe, Esq., (215) 792-6676, Ext. 801, or email info@kehoelawfirm.com. ANW stockholders may also visit KLF's Aegean Marine Petroleum page for additional information.
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff-side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing.
CONTACT: John A. Kehoe, Esq., Kehoe Law Firm, P.C.
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SOURCE Kehoe Law Firm, P.C.
