NEW YORK, May 25, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Macquarie Infrastructure Corporation ("Macquarie" or the "Company") (NYSE:MIC) of the June 25, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Macquarie stock or options between February 22, 2016 and February 21, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MIC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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Attn: Richard Gonnello, Esq.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Macquarie securities between February 22, 2016 and February 21, 2018 (the "Class Period"). The case, City of Riviera Beach General Employees Retirement System v. Macquarie Infrastructure Corporation et al, No. 18-cv-03608 was filed on April 23, 2018, and has been assigned to Judge Vernon S. Broderick.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the shifting commodity demands and the material risks facing its International-Matex Tank Terminals ("IMTT") business segment.
Specifically, throughout the Class Period, the Company repeatedly emphasized IMTT's "very strong" performance and "high" utilization rates without appropriately disclosing IMTT's dependence on heavy residual oil, the use of which had been in decline for years. On February 21, 2018, Macquarie announced fourth quarter earnings, below analysts' estimates, and that the it would slash its dividend by 31%, citing how the decline in use of heavy residual oil products has affected the IMTT segment.
After the announcement, Macquarie's share price fell from $63.62 per share on February 21, 2018 to a closing price of $37.41 on February 22, 2018—a $26.21 or a 41.19% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Macquarie's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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