Some shareholders sue marine fuel firm Aegean

Aegean Marine Petroleum Network said a class action lawsuit was filed by some shareholders of the Greek marine fuel logistics company, alleging misrepresenting its financial condition. The complaint alleges that Aegean failed to disclose material adverse facts related to its financial condition, business and prospects during January 4, 2010 and February 3, 2011. Aegean’s shares have shed about two-thirds of their value during the period cited in the suit. The shares were up about 2% at US$9.13 in afternoon trade on the New York Stock Exchange on February 14. Aegean said it intends to defend the action “as vigorously as possible.” (February 15, 2011)