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Symbol: MIC

Class Period:
2/22/2016 - 2/21/2018

Macquarie Infrastructure Corporation

Pomerantz LLP announces that a class action lawsuit has been filed against Macquarie Infrastructure Corporation ("Macquarie" or the "Company") and certain of its officers.   The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-03744, is on behalf of a class consisting of investors who purchased or otherwise acquired Macquarie's securities between February 22, 2016, and February 21, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

Macquarie Infrastructure Corporation owns, operates, and invests in a portfolio of infrastructure businesses. The Company's businesses consist of bulk liquid terminals, airport services, gas processing and distribution, and a portfolio of contracted power and energy investments.  Macquarie's International-Matex Tank Terminals ("IMTT") business provides bulk liquid storage and handling services at 12 marine terminals in the United States and Canada, is Macquarie's most important business segment.

The Complaint 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.

On February 21, 2018, after the market closed, Macquarie surprised the market by announcing disappointing fourth-quarter earnings of $0.43 per share, well short of analysts' estimate of $0.51 per share, and that the Company would be slashing its dividend by 31%. Macquarie blamed its poor performance on the declining use of heavy residual oil products, declining demand and prices for No. 6 fuel oil.

On this news, Macquarie's share price fell $26.21, or 41.19%, to close at $37.41 on February 22, 2018.