SOURCE: Brower Piven, A Professional Corporation

February 23, 2011 16:37 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Aegean Marine Petroleum Network Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 11, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - February 23, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of Aegean Marine Petroleum Network Inc. ("Aegean" or the "Company") (NYSE: ANW) during the period between January 4, 2010 and February 3, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 11, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint charges Aegean and certain of its officers and directors with violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period declining demand for its products and services, particularly in the Singapore and Rotterdam ports and that the Company's acquisition of Verbeke Bunkering N.V. was not performing according to the Company's expectations. According to the complaint, in reaction to the Company's announcement of financial results for the second quarter of 2010, the period ended June 30, 2010, of net income of $12.0 million, and total revenues of $1,336.6 million, the value of Aegean stock fell significantly. As the complaint alleges, after, on November 10, 2010, Aegean revealed having net income of $4.6 million and total revenues of $1,340.0 million for the third quarter of 2010, the period ended September 30, 2010, the value of Aegean stock suffered another significant decline. According to the Complaint, as a result of the Company's unexpected February 3, 2011 announcement that it anticipated reporting a disappointing net loss of between $12.0 million and $13.0 million for the fourth quarter of 2010, the value of Aegean shares yet again declined significantly.

If you have suffered a net loss for all transactions in Aegean Marine Petroleum Network Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Charles Piven at Brower Piven at, by email at, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 50 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    Email Contact