LOS ANGELES, Oct. 31, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 9, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Third Coast Midstream, LLC f/k/a American Midstream Partners, LP (“American Midstream” or the “Company”) (NYSE: AMID) investors who sold common units between July 27, 2018 and July 23, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
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 firstname.lastname@example.org, 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”), 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.
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If you sold American Midstream common units during the Class Period you may move the Court no later than December 9, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley 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@example.com, 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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