CLASS ACTION UPDATE for VTNR, FIS and SIVBQ: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, NY / ACCESSWIRE / April 18, 2023 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

VTNR Shareholders Click Here: https://zlk.com/pslra-1/vertex-energy-loss-submission-form?prid=38390&wire=1
FIS Shareholders Click Here: https://zlk.com/pslra-1/fidelity-national-class-action-submission-form?prid=38390&wire=1
SIVBQ Shareholders Click Here: https://zlk.com/pslra-1/svb-financial-group-information-request-form?prid=38390&wire=1

* ADDITIONAL INFORMATION BELOW *

Vertex Energy, Inc. (NASDAQ:VTNR)

VTNR Lawsuit on behalf of: investors who purchased April 1, 2022 - August 8, 2022
Lead Plaintiff Deadline: May 2, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/vertex-energy-loss-submission-form?prid=38390&wire=1

According to the filed complaint, during the class period, 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."

Fidelity National Information Services, Inc. (NYSE:FIS)

This lawsuit is on behalf of all persons or entities who purchased Fidelity National common stock between February 9, 2021 and February 10, 2023, inclusive.
Lead Plaintiff Deadline: May 5, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/fidelity-national-class-action-submission-form?prid=38390&wire=1

According to the filed complaint, (1) the integration of the Company's acquisition, Worldpay, Inc. ("Worldpay"), was not ahead of schedule; (2) the integration of Worldpay was not successfully completed during the class period; (3) the increases in revenue synergies were not driven by the Worldpay integration; and (4) as a result, defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

SVB Financial Group (OTC PINK:SIVBQ)

SIVBQ Lawsuit on behalf of: investors who purchased June 16, 2021 - March 10, 2023
Lead Plaintiff Deadline: May 12, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/svb-financial-group-information-request-form?prid=38390&wire=1

According to the filed complaint, during the class period, SVB Financial Group made materially false and/or misleading statements and/or failed to disclose that: (1) the Company failed to disclose to investors the risks presented by impending rising interest rates; (2) the Company failed to disclose to investors that, in an environment with high interest rates, SVB would be worse off than banks that did not cater to tech startups and venture capital-backed companies; (3) the Company failed to disclose that, if its investments were negatively affected by rising interest rates, it was particularly susceptible to a bank run; (4) as a result, defendants' public statements were materially false and/or misleading at all relevant times.

You have until the lead plaintiff deadlines 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.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

ACCESSWIRE

News network reaching more than 1,500 media outlets in 98 countries. The newest, fastest-growing and most disruptive newswire available today.