ROSEN, LEADING INVESTOR COUNSEL, Encourages Vertex Energy, Inc. Investors with Losses to Secure Counsel Before Important Deadline in Securities Class Action – VTNR

NEW YORK, May 17, 2023 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Vertex Energy, Inc. (NASDAQ: VTNR) between April 1, 2022 and August 8, 2022, both dates inclusive (the “Class Period”), of the important June 12, 2023 lead plaintiff deadline.

SO WHAT: If you purchased Vertex Energy securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Vertex Energy class action, go to https://rosenlegal.com/submit-form/?case_id=12724 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 12, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) prior to the acquisition of the Mobile refinery, 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; (2) as a result, the 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; (3) 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; (4) as a result, 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; (5) 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, which Vertex was forced to pay Shell Oil above-market prices for the additional crude oil inventory because of the state of backwardation in the oil market; (6) immediately following the acquisition of the Mobile refinery, Vertex experienced production issues that caused significant shortfalls in refined fuel volumes; (7) following the acquisition of the Mobile refinery, defendants overstated the purported profit margins that could be achieved at the refinery; and (8) 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.” When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Vertex Energy class action, go to https://rosenlegal.com/submit-form/?case_id=12724 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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Attorney Advertising. Prior results do not guarantee a similar outcome.

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Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

GlobeNewswire Distribution ID 8841783

Local Press: How the UAE made its roads safer

ABU DHABI, 18th May, 2023 (WAM) — A local newspaper has said that over the years, the UAE has taken a determined stand against the needless tragedy of road deaths. Legislation regarding reckless driving, the use of seat belts or driving while using a mobile phone has been tightened up. “In 2017, a system of black points was introduced under which a driver could be banned from the roads if they earned too many points from traffic infractions. Punishments for poor driving can include fines, black points, vehicle confiscation or even imprisonment,” The National said in its editorial on Thursday. It is the UN Global Road Safety Week and statistics from the organisation make for grim reading. According to the World Health Organisation, traffic injures are a leading cause of death and disability worldwide, with an estimated 1.3 million people losing their lives on the roads each year. As many as 50 million people are injured in crashes each year, with a quarter of all road deaths taking place among cyclists and pedestrians. The editorial continued, “In the UAE, however, traffic deaths have fallen by two thirds in the past decade, leading some to ask what is the key to making our roads safer?.” Besides legal measures, the country has taken practical steps. In the capital, Abu Dhabi Police announced last September that a section of Sheikh Zayed Road would have a reduced speed limit of 100 kilometres an hour, down from 120kph. Elsewhere in the emirate, the speed limit on the Abu Dhabi to Al Ain road was reduced from 160kmph to 140kmph. Last month saw the introduction of what is thought to be one of the highest minimum speed limits in the world a 120kph minimum on Sheikh Mohammed bin Rashid Road. Officials said the minimum limit a move that was backed by a more than three quarters of respondents who took part in an Abu Dhabi Police online poll was to ensure that slower vehicles move to the right and keep out of the way of faster drivers. This week, Abu Dhabi Police introduced a road alert system designed to warn drivers of bad weather and traffic accidents. The coloured lights will be used to warn drivers across the emirate about hazards and to improve road safety. This new piece of road infrastructure goes hand in hand with an extensive network of advanced speed cameras across the country that reduces the chances of speeding drivers endangering themselves and others. But the UAE is also working on more sustainable transport options to give as many people as possible the option of travelling without a car. In the major urban centres of Abu Dhabi and Dubai, there is extensive public transport and more cycle lanes than ever before. At the Middle East Rail conference in Abu Dhabi this week, Gottfried Eymer, the new chief executive of the Etihad Rail freight network, told The National that trains would take huge numbers of heavy goods lorries off the roads, making them safer. These are all positive developments but the best planning in the world can only mitigate risk, not banish it entirely. Tragedies can and do happen. In March this year, a young teacher in Abu Dhabi, Caina Healy, lost her life when she was struck by a vehicle as she was cycling to work. “Road infrastructure can be improved, vehicles can be made safer and laws can be strengthened but building a culture of road safety one in which motorists drive responsibly, with patience and awareness is an ongoing process that calls for vigilance. Police across the UAE have been pro-active about this, as their regular safety campaigns and updates prove. But even one death is a tragedy. When it comes to keeping our roads safe, we all have our part to play,” the Abu Dhabi-based daily concluded.

Source: Emirates News Agency (WAM)

PM praises academic, educational & research performance of Yemeni universities

The Prime Minister, Dr. Abdulaziz Saleh Bin Habtoor, praised the great enlightening and scientific roles played by Yemeni universities and their steadfastness during the years of aggression and siege.

Bin Habtoor confirmed during his meeting today with the Minister of Social Affairs and Labor Obaid bin Daye, Secretary of the Board of Trustees of the University of Civilization Saad Al-Atabi, Dr. Ghazi Dahham Al-Marsoumi and Dr. Amer Issa Al-Marsoumi, the appreciation of the National Salvation Government for the academic, educational , research activities and the development processes witnessed by most universities, including the Civilization University, which is one of the large universities that is always working to develop the capabilities of its academic staff and the material and technical aspects.

The meeting discussed a number of aspects related to the university’s activity, including the level of implementation of the development plan and the province’s role in enhancing the chances of the university’s success in carrying out its vital functions in community service and development.

Source: Yemen News Agency

Presidents of 3 public universities relieved of their duties, HEC announces

The Higher Education Council (HEC) session, chaired by Minister of Higher Education and Scientific Research, Dr. Azmi Mahafzah, on Thursday decided to relieve presidents of Mutah University, Al al-Bayt University, and Tafila Technical University, of their posts. In a statement on Thursday, the ministry’s media spokesperson, Muhannad Khatib, said the decision came after examining recommendations submitted by the HEC’s assessment committee previously formed for this purpose, to evaluate performance of Jordanian public universities’ presidents during their tenure. Khatib said the assessment criteria can be measured with complete “objectivity and impartiality,” primarily indicators for quality assurance, global rankings, teaching, scientific research, and management of human and financial resources, as well as reports and recommendations received from university boards of trustees.

Source: Jordan News Agency

U.S. extends $250 million to fund water loss reduction project

Minister of Water and Irrigation, Mohammad Najjar, and USAID Acting Mission Director Margaret Spears, on Thursday signed the 4th phase of the Water Loss Reduction Project agreement. According to a Water Ministry statement, the amount of funding allocated for this phase amounts to $250 million, with an additional contribution from the ministry worth about $75 million to implement the project within 6 years. Speaking during the signing ceremony, Najjar said the project aims to reduce water loss, which has multiple causes, primarily dilapidated water infrastructure, meter misreadings, illegal uses and attacks on water resources, which supports the national strategy to reduce water loss in the Kingdom to less than 25% by 2040. Najjar added that Jordan’s recently approved strategy aims to raise performance and efficiency of using water resources and improving infrastructure of the water supply system, especially in areas covered by services provided by Water Company Jordan (Mihanna ) and in line with the strategic visions to reduce loss. In light of the increasing demand and scarcity of water resources, he said the project would enhance efficiency of Jordan’s water sector to improve operational capacity of water production, conveyance and distribution systems, raise level of service to citizens and increase average daily per capita share. The minister added that the enterprise would strengthen companies’ systems by keeping pace with new technological developments and providing training and technical assistance for water sector employees and stakeholders working in this field. Najjar expressed the ministry’s gratitude for the “great and continuous” U.S. support for its impact on enhancing efforts to confront the Kingdom’s water challenges, raising performance and efficiency of using water resources, improving water infrastructure and increasing capacity of water supply system. For her part, Spears said this phase of the USAID project is in line with the Kingdom’s national water strategy for the coming years, and is added to its three previous stages. This assistance brings the total value of funding in the four phases to $689.1 million, Spears added. The new agreement, she noted, comes in line with the memorandum of understanding (MoU) that was signed between the Jordanian and U.S. governments, and aims to address Jordan’s water sector’s challenges. The project will focus on achieving the desired goals by rehabilitating and improving water infrastructure, developing monitoring and control systems for companies, integrating modern technological developments and launching capacity building through training and technical assistance for the sector’s workers, Spears said. This entire effort seeks to ensure the continued availability of water for the Jordanian people and enhance water security for future generations, she noted.

Source: Jordan News Agency

Bahrain’s King: Arab Summit in Jeddah Opportunity to Exchange Views, Enhance Coordination among Arab Leaders

King Hamad bin Isa Al Khalifa of the Kingdom of Bahrain said the convening of the 32nd Arab League summit in Jeddah represents an excellent opportunity for exchanging views and enhancing joint coordination between the leaders of the Arab countries to support the path of collective Arab action.

In press remarks after his arrival to Jeddah today, King Hamad bin Isa expressed “his deep appreciation and gratitude to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, for his generous invitation to us to participate in the 32nd Arab League Council at the summit level.”

“We laud the close historical brotherly relations binding our two brotherly countries,” the king said, hailing Saudi-Bahraini relations as “based on the bonds of kinship, love, common history, and mutual interests.”

The Bahraini king stressed that convening the Arab summit is a “good occasion for exchanging visions, consultations, and enhancing joint coordination among their Majesties, Highnesses, and Excellencies, the leaders of the Arab countries.”

The king of Bahrain added that the summit constitutes an opportunity for Arab leaders to consult and coordinate on all matters that would enhance the path of joint Arab work.

This aims to fulfill the aspirations of the Arab peoples in unifying efforts, bolstering Arab solidarity and coherence in the face of all challenges, protecting the interests and gains of our Arab states, and consolidating the pillars of peace, security, and stability in our Arab World, the king explained.

“We affirm our appreciation and gratitude for the sincere efforts made by our brother, the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, to unify the Arab ranks, support the path of Arab solidarity, and serve the crucial Arab issues,” King Hamad bin Isa said.

The king praised the “prominent pivotal role played by the Kingdom of Saudi Arabia in supporting efforts of protecting Arab national security and achieving the aspirations and hopes of our Arab peoples for security, stability, and development.”

Source: Saudi Press Agency