Vertex Energy, Inc. (NasdaqCM: VTNR)
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 12, 2023 to file lead plaintiff applications in a securities class action lawsuit against Vertex Energy, Inc. (NasdaqCM: VTNR).
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