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Securities Regulation Keyed to Cox
Macquarie Infrastructure Corp. v. Moab Partners, L.P.
Citation:
601 U.S. 257 (2024)Facts
Macquarie Infrastructure Corporation owned a subsidiary that operated bulk liquid storage terminals handling various petroleum products, including No. 6 fuel oil, which typically contains approximately 3% sulfur content. In 2016, the United Nations’ International Maritime Organization formally adopted IMO 2020, a regulation that would cap the sulfur content of fuel oil used in shipping at 0.5% by January 2020. This regulation posed a significant threat to the No. 6 fuel oil market. During the years following the adoption of IMO 2020, Macquarie did not discuss this regulatory development or its potential impact in its public offering documents or SEC filings. In February 2018, Macquarie announced that storage capacity contracted for use by its subsidiary’s customers had dropped, attributing the decline in part to the structural decline in the No. 6 fuel oil market. Following this announcement, Macquarie’s stock price fell approximately 41%, causing substantial losses to investors.
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