Archived Investigations
Vertex Energy, Inc. (NasdaqCM: VTNR)
Company Name:Vertex Energy, Inc.
Stock Symbol:NasdaqCM: VTNR
Court:Southern District of Alabama
Class Period Start:04/01/2022
Class Period End (inclusive):08/08/2022
Filing Deadline:The deadline has passed.
April 18, 2023
Vertex and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 9, 2022, pre-market, the Company disclosed massive 2Q2022 losses incurred at its Mobile refinery, a net loss of $63.8 million, and that adjusted EBITDA for the Mobile refinery, even after adjusting for certain incurred losses, was only $63.6 million, compared to the prior guidance of $120-$130 million in the second quarter, a total shortfall of 50%.
On this news, shares of Vertex fell by 44% or $6.18 per share.
The case is Passmore v. Vertex Energy, Inc., No. 23-cv-0128