Pomerantz LLP is investigating claims on behalf of investors of Aegean Marine Petroleum Network Inc. ("Aegean Marine" or the "Company"). The investigation concerns whether Aegean Marine and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 22, 2018, Aegean Marine announced an internal review of its financial reporting. Then, on June 4, 2018, Aegean Marine announced its preliminary findings from the review, including that "approximately $200 million of accounts receivable at December 31, 2017, will need to be written off." Aegean Marine further advised investors that certain "transactions that gave rise to the accounts receivable . . . 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." On this news, Aegean Marine's share price fell sharply during intraday trading on June 5, 2018.