SAN FRANCISCO, April 17, 2023 (GLOBE NEWSWIRE) — Hagens Berman is calling on Vertex Energy, Inc. VTNR Investors who suffered significant losses Submit your losses now.

school lesson: April 1, 2022 – August 8, 2022
Deadline for lead plaintiff: June 12, 2023
Visit: www.hbsslaw.com/investor-fraud/VTNR
Contact a lawyer now: VTNR@hbsslaw.com
844-916-0895

Securities Fraud Class Action by Vertex Energy, Inc. (VTNR):

The litigation focuses on Vertex’s statements regarding its agreement to acquire an oil refinery in Mobile, Alabama from Shell Oil.

More specifically, the defendants repeatedly assured investors that the Mobile refinery acquisition was a “transformative moment in Vertex’s history” that would allow the company to significantly increase its profitability.

According to the Complaint, Defendants have failed to disclose that prior to acquiring Mobile’s refinery, they: (1) entered into hedging transactions that significantly limit profit margins to 50% of the refinery’s expected production from April 1 to September 30, 2022 have; (2) entered into a portfolio brokerage agreement with investment bank Macquarie Group that would result in and has resulted in Vertex incurring significant fees and inventory losses; and (3) entered into an inventory purchase agreement with Shell that would result in and has Vertex paying above market prices for a substantial portion of $164 million in crude oil inventory.

Investors learned the truth on August 9, 2022 when Vertex reported massive losses from the Mobile refinery in Q2 2022, a surprise Q2 2022 net loss for the company of $63.8 million and a 50% lower Adjusted EBITDA for the company the Mobile Refinery announced guidance given just 3 months earlier. Additionally, Vertex withdrew its guidance for the remainder of fiscal 2022 and for fiscal 2023.

These revelations drove Vertex stock prices down sharply.

“We focus on investor losses and prove Vertex lied about the true economics of mobile…