MACQUARIE INFRASTRUCTURE INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Macquarie Infrastructure Corporation - MIC
NEW ORLEANS, Jan. 18, 2019 /PRNewswire/ -- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Macquarie Infrastructure Corporation (NYSE: MIC).
Throughout 2016 and 2017, the Company continually touted the stability and strong performance of its IMTT segment, which provided a significant portion of the Company's revenue, and downplayed its risk exposure. On February 21, 2018, the Company disclosed a wide range of shocking fourth quarter results, including earnings per share well below analysts' estimates and a substantial dividend cut, attributing the dismal performance to declining demand in heavy residual oils; however, the Company had never disclosed to investors that the IMTT segment's performance depended on demand for such petroleum products. When the information was made public, the Company's market capitalization plunged more than 41% erasing more than $2.2 billion in market capitalization in a single day.
KSF's investigation is focusing on whether Macquarie's officers and/or directors breached their fiduciary duties to Macquarie's shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Macquarie shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-mic/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
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