NEW ORLEANS, June 2, 2023 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds 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), if they purchased the Company’s securities between April 1, 2022 and August 8, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of Alabama.
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Vertex investors should visit us at https://claimsfiler.com/cases/nasdaq-vtnr-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Vertex and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.Â
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.
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