A lawsuit was filed on behalf of investors in Macquarie Infrastructure Corporation (NYSE: MIC) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/07/2018 -- The Shareholders Foundation announces that an investor, who purchased shares of Macquarie Infrastructure Corporation (NYSE: MIC), filed a lawsuit over alleged violations of Federal Securities Laws by Macquarie Infrastructure Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Macquarie Infrastructure Corporation (NYSE: MIC) have certain options and for certain investors are short and strict deadlines running. Deadline: June 25, 2018. NYSE: MIC investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
New York based Macquarie Infrastructure Corporation owns and operates a portfolio of businesses that provide services to other businesses, government agencies, and individuals. Macquarie Infrastructure Corporation's most important business segment is its International-Matex Tank Terminals ("IMTT") business, which provides bulk liquid storage and handling services at marine terminals in the United States and Canada.
Macquarie Infrastructure Corporation reported that its annual Total Revenue declined from over $1.57 billion in 2016 to over $1.55 billion in 2017 and that its Net Loss increased from $115.64 million in 2016 to $379.82 million in 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Macquarie Infrastructure Corporation (NYSE: MIC) common shares between February 22, 2016 and February 21, 2018, that the defendants violated Federal Securities Laws.
More specifically, 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.
Shareholders Foundation, Inc.
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