Company name Third Coast Midstream f/k/a American Midstream Partners, LP
Status Class Action Complaint Filed

NEW YORK, November 27, 2019 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of  behalf of all former owners of American Midstream stock who sold their stock, and were damaged thereby. Investors have until December 9, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

American Midstream is a growth-oriented master limited partnership formed to own, operate, develop, and acquire a diversified portfolio of midstream energy assets.  At all relevant times, American Midstream’s general partner was American Midstream GP, LLC (the “General Partner”).  The General Partner was solely responsible for supporting and conducting the business operations of American Midstream.

The complaint, filed on October 10, 2019, alleges that ArcLight Capital Partners, LLC (“ArcLight”) was the Company’s majority stockholder and had control over the General Partner.  Therefore, ArcLight ensured that the majority of American Midstream’s Board of Directors were all affiliated with ArcLight, and had the ability to control the Company’s quarterly distribution.

On July 27, 2018, American Midstream declared a 75 percent reduction in the Company’s quarterly common stock distribution.  As a result of this reduction, American Midstream’s stock price declined over 42 percent, falling precipitously from $11.55 to $6.60 on July 27, 2018.

Then, on December 31, 2018, American Midstream reported that because of an amendment to its credit facility agreement, it did not expect to make any distributions to its stock holders in the upcoming fourth quarter of 2018, and would continue to withhold said distributions until its consolidated total leverage ratio was reduced.  On this news, American Midstream’s stock declined $1.30, or 30 percent, closing at a price of $3.03 per share on December 31, 2018.

On March 18, 2019, American Midstream publicly disclosed it had entered into a merger agreement with a subsidiary of ArcLight pursuant to which American Midstream stockholders would receive $4.50 per share.  On July 23, 2019, American Midstream announced the closing of the merger.

Therefore, as a result of the distribution cuts put in place by virtue of ArcLight’s control over the Company, American Midstream minority stockholders received approximately 60 percent less consideration for their shares than the common stock price immediately prior to the distribution cut on July 27, 2018.

If you were a former owner of American Midstream stock and sold your shares at a loss, have information, 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 Brandon

If you If you were a former owner of American Midstream stock and sold your shares at a loss, have information, 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 Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.

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The submission of this form does not create an attorney-client relationship, nor any obligation on the part of Bragar Eagel & Squire, P.C., or you to file a legal action. Any information you submit will be maintained as confidential. If Bragar Eagel & Squire, P.C., in its sole discretion, believes that you might be an appropriate class representative, Bragar Eagel & Squire, P.C., will contact you to discuss the matter and to determine whether to establish an attorney client relationship.