Global supplier says ‘withdrawal of both suits speaks for itself’
Global bunker supplier Aegean Marine Petroleum Network Inc says the law suits filed against the company and certain of its officers have been dropped. In a statement Aegean says that the “securities class action lawsuit previously filed in the United States District Court for the Southern District of New York against the company, its chairman and certain of its executives as well as the shareholder derivative action lawsuit previously filed in the same court against the company and its board of directors have both been voluntarily withdrawn by the respective plaintiffs”.
Aegean’s president, Nikolas Tavlarios, said, “When these lawsuits were filed, we told our shareholders, customers, and suppliers that they were without merit. We believe the withdrawal of both suits speaks for itself.”
At least two claimants were believed to be making allegations centred on statements regarding the intrinsic value of the company’s securities. From the start Aegean strongly rejected the claims, calling them “without merit” and complaining that they unfairly impugned the integrity both of the company and individual defendants.
Source: World Bunkering