SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Macquarie Infrastructure Corporation (NYSE: MIC) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 22, 2016 and February 21, 2018. Macquarie's International-Matex Tank Terminals ("IMTT") business provides bulk liquid storage and handling services at 12 marine terminals in the U.S. and Canada.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/macquarie-infrastructure-corporation
Macquarie Accused of Hiding Its Dependence on Heavy Residual Oils from Investors
According to the complaint, Macquarie repeatedly assured investors that its IMTT business, the company's most important segment, experienced stable performance and high utilization rates. Macquarie further noted that any declines in IMTT's storage utilization were temporary and due to routine maintenance, while assuring utilization would remain high into 2018. However, Macquarie never disclosed to investors that it depended on heavy residual oils—which had been in decline due to environmental concerns and the development of alternative fuel sources—and downplayed its exposure to fluctuations in the use of petroleum products. On February 21, 2018, Macquarie surprised the market when it announced disappointing fourth quarter earnings of $0.43 per share, well short of analysts' estimate of $0.51 per share, and that the company would be slashing its dividend by 31%. Macquarie cited the loss of "half a dozen" contracts at its Louisiana storage facility due to a decline in heavy residual oils. On this news, Macquarie's stock fell over 41% to close at $37.41 per share on February 22, 2018.
Macquarie Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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