SHAREHOLDER ALERT: VTNR TDS IEP: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines

NEW YORK, NY / ACCESSWIRE / May 30, 2023 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.

Vertex Energy, Inc. (NASDAQ: VTNR)

If you suffered a loss, contact us at:https://www.wongesq.com/pslra-1/vertex-class-action-submission-form?prid=40083&wire=1
Lead Plaintiff Deadline: June 12, 2023
Class Period: April 1, 2022 - August 8, 2022

Allegations against VTNR include that: (a) prior to the acquisition of the oil refinery in Mobile, Alabama, 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; (b) prior to the acquisition of the Mobile refinery, defendants had entered into an inventory intermediation agreement with the investment bank Macquarie Group, whereby Macquarie purchased (from third parties), owned, and sold (to Vertex) all crude oil inventory to be used at the Mobile refinery and also purchased (from Vertex), owned, and sold (to third parties) all refined fuel inventory produced at the Mobile refinery. The strict terms of the arrangement, including requiring Vertex to purchase hedges to protect Macquarie's position in holding the crude and refined inventory, combined with the fact that the oil market was in a state of backwardation in early 2022, resulted in Vertex incurring significant fees and inventory losses. The losses, which began as of the April 1, 2022 acquisition date, totaled $23 million during the second quarter of fiscal year 2022; (c) prior to the acquisition of the Mobile refinery, defendants had entered into an inventory purchase agreement with Shell Oil as part of the Mobile acquisition agreement. Vertex had anticipated purchasing approximately $100 million of crude oil and refined fuel inventory. Immediately prior to the closing of the acquisition, Vertex learned that pursuant to the terms of the purchase agreement, it would be required to purchase substantially more inventory from Shell Oil, totaling $164 million. Due to the state of backwardation in the oil market, Vertex was forced to pay Shell Oil above-market prices for the additional crude oil inventory. The additional Shell Oil inventory purchase triggered $13.3 million in inventory losses at or around the time of the acquisition; (d) immediately following the acquisition of the Mobile refinery, Vertex experienced production issues that caused significant shortfalls in refined fuel volumes. The production issues resulted in $8 million of lost profits during the second quarter of fiscal year 2022; (e) following the acquisition of the Mobile refinery, defendants overstated the purported profit margins that could be achieved at the refinery. Defendants represented that the "3-2-1 crack spread" was the appropriate benchmark for the Mobile refinery; however it was later revealed that the "2-1-1 crack spread," which resulted in lower profits per barrel of production, was the more accurate profit benchmark for the Mobile refinery; and (f) as a result of the above misrepresentations and concealed facts, the Mobile refinery did not "generate[] strong EBITDA]" "[d]uring the first 30 days of operations," and the Mobile refinery transition was not "seamless."

Telephone and Data Systems, Inc. (NYSE: TDS)

If you suffered a loss, contact us at:https://www.wongesq.com/pslra-1/tds-class-action-submission-form?prid=40083&wire=1
Lead Plaintiff Deadline: July 3, 2023
Class Period: May 6, 2022 - November 3, 2022

Allegations against TDS include that: (i) defendants had no reason to believe UScellular's "free upgrade" promotional activity, which was tested and trialed during the second quarter of 2022, was effective at reducing the UScellular's postpaid churn rate as they represented to investors, as opposed to merely adding new postpaid subscribers, when its churn rate was actually increasing or remaining constant over most quarters in the class period; (ii) UScellular was not making progress with respect to its churn rate, as it represented to investors; (iii) UScellular was not in fact balancing its promotional activity and its profitability; (iv) due to extreme competition among postpaid carriers, UScellular did not have the flexibility to offset the costs from widespread, expensive promotions with price increases; and (v) as a result of the Companies' decision for UScellular to continue engaging in heavy promotions to address its postpaid subscriber churn rate despite any lack of positive impact on churn rate, UScellular's profitability substantially declined.

Icahn Enterprises L.P. (NASDAQ: IEP)

If you suffered a loss, contact us at:https://www.wongesq.com/pslra-1/icahn-enterprises-class-action-submission-form?prid=40083&wire=1
Lead Plaintiff Deadline: July 10, 2023
Class Period: August 2, 2018 - May 9, 2023

Allegations against IEP include that: (i) Icahn Enterprises was inflating its net asset value; (ii) the Company was using money taken in from new investors to pay out dividends to old investors; (iii) as a result, the Company would become the subject of criminal and/or regulatory scrutiny; and (iv) as a result of the foregoing, Defendant's positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

To learn more contact Vincent Wong, Esq. either via email vw@wongesq.com or by telephone at 212.425.1140.

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong