Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Macquarie Infrastructure Corporation Investors (MIC)
Jun. 11, 2018
LOS ANGELES--(BUSINESS WIRE)--Jun 11, 2018--National law firm Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired the securities of Macquarie Infrastructure Corporation (“Macquarie” or the “Company”) (NYSE: MIC ) between February 22, 2016, and February 21, 2018, inclusive (the “Class Period”). Macquarie investors have until June 25, 2018 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
Investors that suffered losses on their Macquarie investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) IMTT's performance and utilization were at risk of significant decline due to ongoing industrywide changes in the market for heavy residual oils, and in particular, declining demand and pricing for No. 6 fuel oil; (ii) IMTT relied significantly on demand for storage of heavy residual fuel oils, including No. 6 fuel oil; (iii) Macquarie needed to undertake significant capital expenditures to repurpose IMTT storage tanks to accommodate alternative products; and (iv) as a result of the foregoing, Macquarie's shares traded at artificially inflated prices during the Class Period, and class members suffered significant losses and damages.
On February 21, 2018, Macquarie announced that it would reduce its dividend, and that it had decided to repurpose the assets at International-Matex Tank Terminals. On this news, Macquarie’s share price fell $26.21, to a close of $37.41 per share on February 22, 2018, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased shares of Macquarie during the Class Period you may move the Court no later than June 25, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180611006292/en/
CONTACT: Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
Copyright Business Wire 2018.
PUB: 06/11/2018 06:55 PM/DISC: 06/11/2018 06:55 PM