Philadelphia, Pennsylvania--(Newsfile Corp. - January 26, 2024) - Grabar Law Office is investigating potential claims on behalf of Vertex Energy, Inc. (NASDAQ: VTNR) shareholders. The investigation concerns whether certain officers of Vertex Energy have breached their fiduciary duties owed to the company.
In early 2021, Vertex Energy announced that it had reached an agreement to acquire an oil refinery located in Mobile, Alabama and a key component of the acquisition was Vertex Energy's plan to convert a portion of the refinery's 91,000 barrel-per-day output to renewable diesel fuel, which was expected to generate higher profits than the refinery's conventional gasoline and diesel fuel outputs.
A class action complaint alleges that immediately prior to the closing of the Mobile refinery acquisition, Vertex Energy, via its officers, had entered into, or were a party to, a series of transactions that dramatically capped the new plant's profitability and would lead to significant losses immediately following the acquisition. The complaint further alleges that these transactions, which resulted in over $125 million in losses.
Current Vertex Energy shareholders who have held Vertex Energy stock continuously since prior to April 1, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/vertex-energy-shareholder-investigator/, contact us at jgrabar@grabarlaw.com, or call Joshua Grabar at 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195924
