Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of Alabama on behalf of shareholders of Vertex Energy, Inc. who purchased shares between April 1, 2022 and August 8, 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 12, 2023 to request that the court appoint them lead plaintiff.