New York, New York--(Newsfile Corp. - May 8, 2023) - Pomerantz LLP is investigating claims on behalf of investors of Vertex Energy, Inc.("Vertex" or the "Company") (NASDAQ: VTNR). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Vertex and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 9, 2022, Vertex reported its second quarter 2022 earnings and held an earnings conference call for analysts and investors. In the earnings release and on the call, Vertex disclosed that it had incurred massive losses at its Mobile, Alabama oil refinery during the second quarter of 2022, announcing a net loss for the Company of $63.8 million. Vertex also announced that adjusted EBITDA for the Mobile refinery, even after adjusting for certain incurred losses, was only $63.6 million, compared to the guidance given just three months prior for EBITDA of $120-$130 million in the second quarter, a total shortfall of 50%. Vertex also withdrew its financial guidance for the remainder of fiscal year 2022 and fiscal year 2023.
On this news, Vertex's stock price fell $6.18 per share, or 44.21%, to close at $7.80 per share on August 9, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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