On or around 10/18/2018 (Ongoing date of last review)
Filing Date: April 23, 2018
According to law firm press release, Macquarie Infrastructure Corporation ("Macquarie") owns and operates a portfolio of infrastructure and infrastructure-like businesses. Macquarie's most important business segment is its International-Matex Tank Terminals ("IMTT") business, which provides bulk liquid storage and handling services at marine terminals in the United States and Canada.
The Complaint alleges that, during the Class Period, Defendants violated provisions of the Exchange Act by issuing false and misleading press releases, filings with the U.S. Securities and Exchange Commission ("SEC"), and statements during investor and analyst conference calls.
Specifically, the Complaint alleges that throughout the Class Period, Defendants misrepresented and concealed material risks facing the IMTT business; Defendants repeatedly emphasized IMTT's "very strong" performance and "high" utilization rates; Defendants touted Macquarie's "good visibility" into "macroeconomic factors influencing supply and demand" as evidence of IMTT's stability, but concealed IMTT's dependence on heavy residual oil, the use of which had been in decline for years. Rather than disclose the material risk to the Company presented by the decline in heavy residual oil products, Defendants downplayed Macquarie's exposure to fluctuations in the use of petroleum products. Defendants also provided false assurances regarding the sustainability of Macquarie's dividend.
Defendants' misrepresentations and material omissions rendered investors unable to appreciate or assess the material risks to IMTT of shifting commodity demands, and the resultant impact to the Company's dividend. When the truth regarding IMTT's dependence on heavy residual fuel oils was finally revealed on February 21, 2018 and Macquarie announced that it would be slashing its dividend by 31%, the price of the Company's stock declined significantly.
Company & Securities Information
Defendant: Macquarie Infrastructure Corporation
Industry: Oil & Gas Operations
Headquarters: United States
Ticker Symbol: MIC
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
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First Identified Complaint
City of Riviera Beach General Employees Retirement System, et al. v. Macquarie Infrastructure Corporation, et al.
COURT: S.D. New York
DOCKET #: 18-CV-03608
JUDGE: Hon. Vernon S. Broderick
DATE FILED: 04/23/2018
CLASS PERIOD START: 02/22/2016
CLASS PERIOD END: 02/21/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Bernstein Litowitz Berger & Grossmann LLP (New New York) 1251 Avenue of the Americas, Bernstein Litowitz Berger & Grossmann LLP (New New York), NY 10020 (212) 554-1400 (212) 554-1448 ·
First Identified Complaint (FIC) Filings:
Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available