BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who sold Third Coast Midstream, LLC f/k/a American Midstream Partners, LP (“American Midstream” or the “Company”) (AMID) common units between July 27, 2018 and July 23, 2019, inclusive (the “Class Period”). American Midstream investors have until December 9, 2019 to file a lead plaintiff motion.
Investors suffering losses on their American Midstream 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 firstname.lastname@example.org.
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”), a subsidiary of ArcLight Capital Partners LLC (“ArcLight”), 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 that closing of its merger with MIH, and American Midstream’s unitholders received $4.50 cash per unit.
Therefore, as a result of the distribution cuts put in place by virtue of ArcLight’s control over the Company, American Midstream minority unitholders received approximately 60 percent less consideration for their units than the common unit price immediately prior to the distribution cut on July 27, 2018.
If you purchased American Midstream common units during the Class Period, 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 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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