CLASS ACTION UPDATE for VTNR, GOOGL and MARA: 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=38373&wire=1
GOOGL Shareholders Click Here: https://zlk.com/pslra-1/alphabet-lawsuit-submission-form?prid=38373&wire=1
MARA Shareholders Click Here: https://zlk.com/pslra-1/marathon-lawsuit-submission-form?prid=38373&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=38373&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."

Alphabet Inc. (NASDAQ:GOOGL)

GOOGL Lawsuit on behalf of: investors who purchased February 4, 2020 - January 23, 2023
Lead Plaintiff Deadline : May 15, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/alphabet-lawsuit-submission-form?prid=38373&wire=1

According to the filed complaint, during the class period, Alphabet Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Alphabet used its dominance in the field of digital advertising to disadvantage website publishers and advertisers who used competing advertising products; (ii) the foregoing conduct was anticompetitive in nature and likely to draw significant regulatory scrutiny; (iii) Alphabet's revenues were unsustainable to the extent that they were the product of said anticompetitive conduct; (iv) Alphabet's conduct, once revealed, would negatively impact the Company's reputation and expose it to a heightened risk of litigation and regulatory enforcement action; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

Marathon Digital Holdings, Inc. (NASDAQ:MARA)

MARA Lawsuit on behalf of: investors who purchased May 10, 2021 - February 28, 2023
Lead Plaintiff Deadline : May 30, 2023
TO LEARN MORE, VISIT: https://zlk.com/pslra-1/marathon-lawsuit-submission-form?prid=38373&wire=1

According to the filed complaint, during the class period, Marathon Digital Holdings, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company overstated the efficacy of its disclosure controls and procedures and internal control over financial reporting; (ii) as a result, the Company's revenues and cost of revenue were materially misstated during the class period; (iii) the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company's financial condition; and (iv) as a result, the Company's public statements were materially false and 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

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