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Vertex Energy, Inc. Investigation - VTNR

Case Summary

Investors who suffered a loss and would like to learn more, click here to contact us.

Robbins Geller Rudman & Dowd LLP has launched an investigation into potential violations of U.S. federal securities laws by Vertex Energy, Inc. (NASDAQ: VTNR) focused on whether Vertex Energy and certain of its top executive officers made false and misleading statements and/or failed to disclose material information to investors.

If you have information that could assist in this investigation or if you are a Vertex Energy investor who suffered a loss and would like to learn more, you can provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.

THE COMPANY: Prior to 2022, Vertex Energy’s primary business involved the collection and processing of used motor oil.  In early 2021, Vertex Energy announced that it reached an agreement to acquire an oil refinery located in Mobile, Alabama from Shell Oil.  The refinery was viewed as a “transformative” acquisition for Vertex Energy and was expected to increase Vertex Energy’s projected annual revenues by more than tenfold.  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. 

THE REVELATION: On August 9, 2022, Vertex Energy revealed a net loss of $63.8 million during the second quarter of 2022, including a net loss at its Mobile refinery of $24 million.  Specifically, Vertex Energy disclosed that adjusted earnings before interest, taxes, depreciation, and amortization for its Mobile refinery was just $63.6 million – well short of Vertex Energy’s guidance of $120 million to $130 million it gave just three months earlier.  Vertex Energy also withdrew its financial guidance for the remainder of fiscal years 2022 and 2023.  On this news, Vertex Energy’s stock price fell by more than 44%.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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