SAN DIEGO & NEW YORK--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP reminds investors that purchasers of Macquarie Infrastructure Corporation (NYSE: MIC) filed a class action complaint against the company's officers and directors. 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-july-2018
Macquarie Accused of Hiding Its Dependence on Heavy Residual Oils From Investors
According to the complaint, Macquarie repeatedly assured investors that its most important segment-IMTT-experienced stable performance and high utilization rates. 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 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, and has yet to regain its value.
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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