Shareholder rights law firm Johnson Fistel, LLP, investigates potential violations of federal and state laws by certain officers of Vertex Energy, Inc.
If warranted our firm is prepared to commence a derivative lawsuit on behalf of shareholders who have made a long-term investment in the company. A derivative lawsuit is aimed at holding accountable the directors and officers, not the corporations themselves, for any potential violations. Our focus is particularly on shareholders who have acquired and retained their stocks within specific time frames.
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (a) prior to the acquisition of the Mobile refinery, Defendants had entered into inventory and crack spread hedging derivatives that significantly capped the profit margins on 50% of the Mobile refinery’s expected output over the period April 1, 2022 to September 30, 2022, affecting over 6.5 million barrels of refined fuel output. These hedges severely limited Vertex’s ability to capitalize on the record-high crack spreads that existed at the time of the acquisition and resulted in over $90 million in losses in the second quarter of fiscal year 2022;
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