SAN FRANCISCO, CA / ACCESSWIRE / April 18, 2023 / Hagens Berman urges Vertex Energy, Inc. (NASDAQ:VTNR) investors who suffered substantial losses submit your losses now.
Class Period: Apr. 1, 2022- Aug. 8, 2022
Lead Plaintiff Deadline: June 12, 2023
Visit: www.hbsslaw.com/investor-fraud/VTNR
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844-916-0895
Vertex Energy, Inc. (VTNR) Securities Fraud Class Action:
The litigation focuses on Vertex's statements concerning its agreement to acquire an oil refinery in Mobile, Alabama from Shell Oil.
More specifically, Defendants repeatedly assured investors that the Mobile refinery acquisition was a "transformative moment in the history of Vertex" that would enable the company to significantly increase its profitability.
According to the complaint, Defendants failed to disclose that prior to the Mobile refinery acquisition they: (1) entered into hedging transactions that significantly capped profit margins on 50% of the refinery's expected output from Apr. 1 - Sept. 30, 2022; (2) entered into an inventory intermediation agreement with investment bank Macquarie Group that would and did result in Vertex incurring significant fees and inventory losses; and (3) entered into an inventory purchase agreement with Shell that would and did result in Vertex paying above-market prices for a significant portion of $164 million of crude oil inventory.
Investors learned the truth on Aug. 9, 2022, when Vertex announced massive losses incurred by the...
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