fbpx

The Law Offices of Howard G. Smith Reminds Investors of June 25th Deadline in the Class Action Lawsuit Against Macquarie Infrastructure Corporation (MIC)

Law Offices of Howard G. Smith reminds investors of the June 25,
2018 deadline to file a lead plaintiff motion in the class action
filed on behalf of investors that purchased Macquarie Infrastructure
Corporation (“Macquarie” or the “Company”) (NYSE: MIC)
securities 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.

Investors suffering losses on their Macquarie investments are encouraged
to contact the Law Offices of Howard G. Smith to discuss their legal
rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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 (“IMTT”). 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.

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.

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 Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania
19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com,
or visit our website at www.howardsmithlaw.com.

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/20180618006126/en/