On June 4, 2018, the Company provided an update on its ongoing audit committee internal review, specifically that “approximately $200 million of accounts receivable owed to the Company at December 31, 2017 will need to be written off” and further that “the Company cannot determine the full impact on the financial statements or how this adjustment will be recorded…there could be other adjustments that result from the Audit Committee’s review that could impact the financial statements.”
On this news, the price of Aegean’s shares plummeted.
KSF’s investigation is focusing on whether Aegean and/or its officers and directors violated state or federal securities laws.
About Kahn Swick and Foti, LLC
KSF, whose partners include the former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger and acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.