SOURCE: Izard Nobel LLP

February 10, 2011 17:25 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Aegean Marine Petroleum Network, Inc.

WEST HARTFORD, CT--(Marketwire - February 10, 2011) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed 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 Marine" or the "Company") (NYSE: ANW) between January 4, 2010 and February 3, 2011, inclusive (the "Class Period").

The Complaint charges Aegean Marine and certain of its officers and directors violated federal securities laws. Specifically, the Complaint that alleges defendants failed to disclose the following material adverse facts: (i) that the Company was experiencing declining demand for its products and services, especially in the Singapore and Rotterdam ports; (ii) that the Company was reducing its prices in competitive markets, which had a significant impact on its profit margins; (iii) that the Company's acquisition of Verbeke Bunkering N.V. was not performing according to internal expectations; and (iv) that, as a result, defendants lacked a reasonable basis for their positive statements about Aegean Marine.

On February 3, 2011, Aegean Marine announced its preliminary financial results for the fourth quarter of 2010. For the quarter, the Company expected to report a net loss of between $12.0 million and $13.0 million. On this news, the price of Aegean Marine stock fell $2.22 per share, or 20%, to close at $8.68 per share.

If you are a member of the class, you may, no later than April 11, 2011, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit:, or contact Izard Nobel LLP toll-free: (800)797-5499, or by e-mail: For more information about class action cases in general, please visit our website:

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