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 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email or 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 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email or 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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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

GlobeNewswire Distribution ID 8841783

ADDED, ADIB to facilitate digital business banking account opening

ABU DHABI, 18th May, 2023 (WAM) — Abu Dhabi Department of Economic Development (ADDED) has signed a Memorandum of Understanding (MoU) with Abu Dhabi Islamic Bank (ADIB) to jointly offer bank account opening procedures for investors and business licence owners issued by ADDED, facilitating business in Abu Dhabi. The collaboration between the two parties aim to simplify and expedite the process of opening a bank account for investors and ADDED business licence owners by submitting the bank account application online. The “Investor’s Journey” in the “Tamm” platform for government services, provides an integrated process and smooth system of services to facilitate business establishment. This system also offers the investors an integrated digital experience with a package of services that helps them meet the requirements of several government agencies on a single platform. Improving business environment This streamlined process will help businesses to start operating more efficiently, contributing to the economic growth of Abu Dhabi. The two entities will jointly facilitate the exchange of knowledge and relevant information between each other to enable effective analysis and decision-making. In addition, a joint working group will be formed to establish a mechanism for mutual cooperation. Mohammed Munif Al Mansouri, Executive Director of Abu Dhabi Business Center ADBC at Abu Dhabi Department of Economic Development, said, “The agreement with Abu Dhabi Islamic Bank is part of our continuous efforts to provide advanced and convenient services to support investors and facilitate business by reducing costs, facilitating procedures and providing seamless integration of government services. We continue to expand the range of services and partners, improving the business environment and providing the best possible conditions for growth and prosperity for investors.” Simplified banking process Commenting on the partnership, Mohammed Omar Al Salem, Head of Business Banking at Abu Dhabi Islamic Bank said, “We are pleased to partner with ADDED and enhance the business community with mutually beneficial cooperation in banking services. The MoU is designed to facilitate a simplified banking process and seamless experience for both investors and businesses. We are looking forward to an impactful and strong partnership with ADDED that will bring significant benefits to the business community in general.” The MoU aims to simplify business operations in Abu Dhabi and foster sustainable economic growth. Under the terms of agreement, ADDED will provide the service of applying for opening a bank account with ADIB through the ‘Investor Journey’ section on the ‘Tamm’ platform for integrated government services. The account opening process is expected to take three to five working days from the date of submitting all necessary documents.

Source: Emirates News Agency (WAM)

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

QAIA passenger traffic grew by 51% during 1st 4 months 2023-CARC

Queen Alia International Airport (QAIA) welcomed 2,8 million passengers (PAX) from the beginning of 2023 until the end of last April, marking a 51% surge, compared to 1.8 million for the same period of 2022, and 2.7 million during the first four months of 2019. In a statement on Thursday, Chairman of the Board of Commissioners at the Civil Aviation Regulatory Commission (CARC), Haitham Mesto, said aircraft movements (ACM through the airport recorded stability last April, compared to March 2023. Meanwhile, he said the total number of flights operated through QAIA since the beginning of 2023 reached 23,776 and directly linked the Kingdom to 76 international destinations. In April 2023, he noted the number of the airport-operated daily flights reached 224, compared to 176 and 191 during the same months of 2022 and 2019, respectively.

Source: Jordan News Agency

Zaki: Several Arab understandings on group of issues during Jeddah meetings

Assistant Secretary-General of the Arab League, Hossam Zaki, has stressed that the consensus during the Ministerial preparatory meeting was the most prominent feature on all decisions which were submitted to Jeddah Summit due to on Friday.

Zaki pointed out, in a press statement, to that there are several Arab understandings on a group of significant issues.

He Indicated that the meeting touched upon several topics most of them are political ones, related to the Palestinian Cause and latest developments in the areas of crisis and foreign intervention in the Arab Countries affairs, in addition to adopting a set of decisions submitted by the Economic and Social Council

The Arab League Assistant Secretary-General said that Syria’s return to the meetings of the Arab League is a new stage of dealing with the situation in Syria, calling for a tangible Arab contribution to restore security and stability in this Arab country and assist it to tackle all problems facing it due to the previous stage.

Zaki stressed that the Palestinian cause in a main axis of the entire the Arab situation, expressing Arab condemnation of the Israeli occupation practices in Palestine.

He expressed continued Arab political support to Palestine.

The Arab League Chief concluded by expressing the hope that the decisions of the Arab summit constitute an impetus to the Arab action and an attempt to contribute to settling the standing disputes and alleviate their impacts.

Source: Syrian Arab News Agency

Culture Minister calls for lifting unfair Western economic measures against Syria

Minister of Culture, Lubana Mshaweh, called for lifting the unjust and unilateral sanctions against Syria. The Minister received a delegation from the Syrian-French Friendship Association.

“Syria, the history and civilization, is looking forward to the future and is keen on overcoming all difficulties,” she said.

The Minister and members of the visiting delegation stressed the importance of cooperation to convey the reality of the situation in Syria, pointing out that the subordination of French policy to America harms the interests of its people and that it is time for French public opinion to be informed of the unjust unilateral blockade on the Syrian people.

Source: Syrian Arab News Agency