Eric has served in leadership positions in a number of high profile, complex financial lawsuits. He has been recognized as a Daily Journal, among the Top 100 Super Lawyers in Northern California, and a Law360 MVP for Consumer Protection.
Our securities attorneys are investigating claims on behalf of investors of Aegean Marine Petroleum Network (NYSE: ANW) regarding possible violations of federal securities laws. Specifically, our investigation focuses on whether Aegean Marine issued materially misleading business information to the investing public, or engaged in other unlawful business practices.
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Stock Plunges More than 57% Upon News of $200 Million Write-Off
After the close of trading on June 4, 2018, Aegean Marine announced that an independent Audit Committee found that approximately $200 million of accounts receivable owed to the company will need to be written off. The Company further stated that 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.”
Following this news, shares of Aegean Marine plunged more than 57% on heavy volume in after-hours trading on June 4, 2018, causing significant damage to investors.
Full Impact on Financial Statements Still Unknown, Multiple Employees Put on Leave
It was further announced that the Audit Committee cannot determine the full impact of the write-offs on the Aegean Marine’s financial statements, and that it expects to recommend to the Company that it pursue claims against individuals and entities involved in the transactions.
Aegean 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.”
Girard Gibbs' Financial Fraud Experience
Girard Gibbs’ financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Noteworthy Financial Fraud Cases
|American Express Financial Advisors Securities Litigation||$100 million cash settlement for clients alleging American Express steered them into under-performing “shelf space funds” to reap kickbacks|
|Chase Bank “Check Loan” Litigation||$100 million settlement for consumers alleging Chase offered long-term fixed-rate loans, only to later more-than-double required payments|
|Peregrine Financial Group Customer Litigation||Settlements worth $75 million for futures and commodities investors who lost millions in the collapse of Peregrine Financial Group, Inc.|
|NantHealth||Court-appointed Co-Lead Counsel in a securities class action alleging the company’s founder violated federal securities law and artificially inflated stock prices|
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Michael has over 20 years of experience representing individuals in complex cases involving banking credit card and other financial frauds.
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