LOS ANGELES–(BUSINESS WIRE)–$AMID—Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Third Coast Midstream, LLC f/k/a American Midstream Partners, LP (“American Midstream” or the “Company”) (NYSE: AMID) investors concerning the Company and its officers’ possible violations of federal securities laws.
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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 Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On July 27, 2018, the Company cut its quarterly common distribution by 75%, from $0.4125 to $0.1031 annually.
On this news, the Company’s stock price fell $4.95, or nearly 43%, to $6.60 per share on July 27, 2018, thereby injuring investors.
Then, on September 27, 2018, the Company received an offer from Magnolia Infrastructure Holdings, LLC (“MIH”) to acquire all of the issued and outstanding publicly held common units of American Midstream in exchange for $6.10 per common unit.
Then, on December 31, 2018, the Company reported that it did not expect to make any distributions due to an amendment to its credit facility agreement.
On this news, the Company’s stock price fell $1.30, or 30%, to close at $3.03 per share on December 31, 2018, thereby injuring investors.
On July 23, 2019, the Company announced the closing of its merger with MIH, and American Midstream’s unitholders received $4.50 cash per unit.
If you sold American Midstream common units between July 27, 2018 and July 23, 2019, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley F. Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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