VERTEX ENERGY 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuit Against Vertex Energy, Inc. - VTNR

By: Kahn Swick & Foti, LLC via Business Wire

June 09, 2023 at 19:00 PM EDT

Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until June 12, 2023 to file lead plaintiff applications in a securities class action lawsuit against Vertex Energy, Inc. (NasdaqCM: VTNR), if they purchased the Company’s securities between April 1, 2022 and August 8, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of Alabama.

What You May Do

If you purchased securities of Vertex and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqcm-vtnr/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by June 12, 2023.

About the Lawsuit

Vertex and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 9, 2022, pre-market, the Company disclosed massive 2Q2022 losses incurred at its Mobile refinery, a net loss of $63.8 million, and that adjusted EBITDA for the Mobile refinery, even after adjusting for certain incurred losses, was only $63.6 million, compared to the prior guidance of $120-$130 million in the second quarter, a total shortfall of 50%.

On this news, shares of Vertex fell by 44% or $6.18 per share.

The case is Passmore v. Vertex Energy, Inc., No. 23-cv-0128.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.

To learn more about KSF, you may visit www.ksfcounsel.com.