In Alabama, according to a class action complaint, Vertex made false and misleading statements to the market. Vertex announced it would acquire an oil refinery in Mobile, Alabama, with the plan to partially convert it for the production of renewable diesel fuel, which it claimed would improve profitability. Bunkerspot reports that Vertex failed to report that it had entered into hedging contracts that would cap profits. The company was involved in transactions, including the financing arrangement to purchase the refinery, that would lead to significant losses after the acquisition. These transactions allegedly caused the company to lose $125 million in loses during the class period. Based on these facts, the company’s public statements are claimed to be false and materially misleading throughout the class period. When the market learned about what happened Vertex Energy, investors suffered damages.
