NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces it has commenced an investigation of American Midstream Partners, LP (NYSE:AMID) concerning possible violations of federal securities laws.
On March 17, 2017, American Midstream announced that it was unable to file its annual report for the year ended December 31, 2016 and advised investors that it expects to report a material weakness in its internal control over financial reporting. The Company stated that “The material weakness relates to the lack of a sufficient compliment of resources with an appropriate level of accounting knowledge, expertise and training commensurate with the Partnership's financial reporting requirements to ensure that complex, non-routine transactions are properly recorded in its financial statements. This control deficiency resulted in out of period adjustments being recorded to the Partnership's consolidated statement of operations for the fourth quarter of 2016, as well as revisions to correct classification errors in its consolidated balance sheet as of December 31, 2015, and its consolidated statement of cash flows for the year ended December 31, 2015." Following this news, American Mainstream's share price has fallen as much as $0.67, or 4.38%, during intraday trading on March 20, 2017. To obtain additional information, go to:
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