An investigation on behalf of investors in Macquarie Infrastructure Corporation (NYSE: MIC) shares over potential wrongdoing at Macquarie Infrastructure was announced.
San Diego, CA -- (SBWIRE) -- 02/19/2019 -- An investigation was announced over potential breaches of fiduciary duties by certain officers and directors at Macquarie Infrastructure.
Investors who purchased shares of Macquarie Infrastructure Corporation (NYSE: MIC) and currently hold any of those NYSE: MIC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Macquarie Infrastructure officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
On April 4, 2018 a lawsuit was filed against Macquarie Infrastructure Corporation (NYSE: MIC) over alleged Securities Laws Violations.
The plaintiff claims that between February 22, 2016 and February 21, 2018, the Defendants violated provisions of the Exchange Act by issuing false and misleading press releases, filings with the U.S. Securities and Exchange Commission ("SEC"), and statements during investor and analyst conference calls.
The plaintiff claims that between February 22, 2016 and February 21, 2018, the Defendants misrepresented and concealed material risks facing the IMTT business. The plaintiff says that the defendants repeatedly emphasized IMTT's "very strong" performance and "high" utilization rates and that the defendants touted Macquarie Infrastructure Corporation's "good visibility" into "macroeconomic factors influencing supply and demand" as evidence of IMTT's stability, but concealed IMTT's dependence on heavy residual oil, the use of which had been in decline for years.
The plaintiff claims that rather than disclose the material risk to the Company presented by the decline in heavy residual oil products, Defendants downplayed Macquarie's exposure to fluctuations in the use of petroleum products and that Defendants also provided false assurances regarding the sustainability of Macquarie's dividend.
The plaintiff alleges that the Defendants' misrepresentations and material omissions rendered investors unable to appreciate or assess the material risks to IMTT of shifting commodity demands, and the resultant impact to the Company's dividend, and that when the truth regarding IMTT's dependence on heavy residual fuel oils was finally revealed on February 21, 2018 and Macquarie Infrastructure Corporation announced that it would be slashing its dividend by 31%, the price of the Company's stock declined significantly.
Those who purchased shares of Macquarie Infrastructure Corporation (NYSE: MIC) have certain options and should contact the Shareholders Foundation.
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