Vertex Energy Loss Submission Form

Company: Vertex Energy, Inc.

Ticker: (NASDAQ) VTNR

Deadline

Passed

Lead Plaintiff Deadline: June 12, 2023

1
2
3
4

See If You Qualify For Monetary Reward

Required Field

Required Field

Levi & Korsinsky, LLP does not share your information with others. There is no cost or obligation for you to submit.

The submission of this form does not create an attorney-client relationship.

Please Upload related files below

Add Transactions

Purchases

1.
  • Common Stock
  • Preferred Stock
  • Bonds
  • Calls
  • Puts
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Additional Purchases

Sales

1.
  • Common Stock
  • Preferred Stock
  • Bonds
  • Calls
  • Puts
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12

Additional Sales

Please input at least 1 transaction or press "skip for now" button below

Please fill in all the fields for your transaction or press "skip for now" button below

Alternatively, you may upload your transactions below or e-mail them to files@ZLK.com

Fill in below.

Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in Vertex Energy, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,



6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

Are you US Citizen?



Clear

Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Vertex Energy, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

Upload Your Stock Tickers

Tell us the stocks you own using Snaptrade, and we will keep you informed about class action litigation related to your stocks. We monitor critical case developments that may affect the price of your shares and your possible monetary recovery. Snaptrade only shares the tickers you own and your transaction history, not your account numbers. Using Snaptrade and participating in our monitoring service is free and does not create any attorney-client relationship or obligation on your part.

Don’t miss out on possible monetary recovery- link your account with Snaptrade.

Class Period

Begins

01

Apr 2022

Ends

08

Aug 2022

April 01, 2022 - August 08, 2022

Allegations

The filed complaint alleges that Vertex Energy, Inc. made materially false and/or misleading statements and/or failed to disclose 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.”

Eligibility

In order to be included in the lawsuit, you must have incurred a loss on shares of Vertex purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Vertex during the relevant time frame, you have until June 12, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.