ANW.US

id: 681, Created by Stan Vick, Scout

Aegean Marine Petroleum Network, Inc. (ANW) $12M Securities Settlement

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Company agreed to pay compensation to its investors, to avoid further litigation
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Claim payout

S.D. New York

Court

1:18-cv-04993

Case number

27 Feb 2014

Class period Start

05 Nov 2018

Class period End

20 Sept 2023

Claim deadline

Aegean Marine Petroleum Network (ANW) & Executives pay $11.95 million to investors to settle securities class action over allegations that:
Aegean had improperly accounted for approximately $200 million of accounts receivable as of December 31, 2017; 
Aegean failed to maintain effective internal control over financial reporting; 
as a result of the foregoing, the statements about Aegean's business, operations, and prospects, were false and misleading and lacked a reasonable basis.
Eligibility: 
All persons who purchased Aegean Marine Petroleum Network, Inc. Securities During The Period Beginning February 27,  2014, Through November 5, 2018, may be entitled to a payout.
The securities subject to the Individual  Defendants Settlements:
the common stock of Aegean (Ticker: ANWWQ; CINS: Y0017S102) (pre-bankruptcy Aegean traded under the ticker “ANW”); 
Aegean 4.00% Convertible Unsecured Senior Notes due 11/1/2018  issued 10/23/2013 (the “4.00% Notes”) (CUSIP: Y0020QAA9; ISIN: USY0020QAA95); 
Aegean 4.25% Convertible  Unsecured Senior Notes due 12/15/2021 issued 12/19/2016 (the “4.25% Notes”) (CUSIP: 00773VAA4 (CUSIP changed to  00773VAB2 on 2/12/2018); ISIN: US00773VAB27); 
Aegean call options; and
Aegean put options.

Alleged Offence

Financial Misrepresentation,

Failure to Disclose,

Negligence,

Omissions

Suspected Party

Directors,

Management,

Service Provider,

Other

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.15

Filing date

05 June 2018

Lead plaintiff

Utah Retirement Systems

Attorney

Berman Tabacco

Defendants

Spyros Gianniotis, Dimitris Melissanidis

Judge

Hon. Naomi Reice Buchwald

Administrator

A.B. Data Ltd

Court hearing date

19 October 2023

Exclusion deadline

28 September 2023

Objection deadline

28 September 2023

Hearing deadline

28 September 2023

+$11,949,999

Total Settlement Amount

Created by Stan Vick, Scout

Case history

Stan Vick

14 September 2023

$ANW $12M Shareholder Settlement:
Aegean Marine Petroleum Network & Executives pay $11.95 million to investors to settle allegations that $ANW improperly accounted for $200M of accounts receivable. 
Payout Claim Deadline - September 20, 2023.