NEW YORK, March 20, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of American Midstream Partners ("American Midstream" or the "Company") (NYSE: AMID). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether American Midstream and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 17, 2017, post-market, American Midstream announced that it was unable to timely file its annual report for 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, in relevant part: "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."
On this news, American Mainstream's share price has fallen as much as $0.67, or 4.38%, during intraday trading on March 20, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP