VTNR Investors Have Opportunity to Lead Vertex Energy, Inc. Securities Fraud Law… – Press Release

LOS ANGELES, May 23, 2023 /PRNewswire/ — Glancy Prongay & Murray LLP (“GPM”) announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against Vertex Energy, Inc. (“Vertex” or the “Company”) VTNR.

Class Period: April 1, 2022 – August 8, 2022
Lead Plaintiff Deadline: June 12, 2023

If you wish to serve as lead plaintiff of the Vertex lawsuit, you can submit your contact information at https://ift.tt/KxJw4cm. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On August 9, 2022, before the market opened, Vertex released its second quarter 2022 financial results, revealing a net loss of $63.8 million and an adjusted EBITDA that was approximately 50% less than guidance given just three months prior. 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, or 44.2%, to close at $7.80 per share on August 9, 2022, thereby injuring investors.

The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) 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; (2) 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…

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