EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Plains All American Pipeline, L.P. a...
September 29 2015 - 4:26PM
Rosen Law Firm, a global investor rights firm, announces that a
class action lawsuit has been filed on behalf of all purchasers of
Plains All American Pipeline, L.P. (NYSE:PAA) and Plains GP
Holdings, L.P. (NYSE:PAGP) securities from February 27, 2013
through August 4, 2015, inclusive (the "Class Period"). The lawsuit
seeks to recover investors' losses under the federal securities
laws.
To join the All American Pipeline, L.P. and Plains GP Holdings,
L.P. class action, visit the firm's website at
http://www.rosenlegal.com/cases-701.html, or contact Phillip Kim,
Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or via email at
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN
AN ABSENT CLASS MEMBER. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Plains All American Pipeline, L.P. and
Plains GP Holdings, L.P. and their executives violated federal
securities laws by failing to disclose the lack of integrity
concerning All American Pipeline, L.P and Plains GP Holdings,
L.P.'s pipeline monitoring, maintenance and spill response
measures, as well as their compliance with federal regulations
governing its pipeline operations. The complaint cites that
executives of Plains qualified its Line 901 pipeline and operations
off the coast of Santa Barbara, California as "state of the art,"
with an oil spill being qualified as "extremely unlikely."
Contrary to these statements, on May 19, 2015, Line 901 ruptured
but was dismissed to be a small spill according to Plains'
executives, estimating 2,400 barrels being released into the
federally protected and environmentally sensitive Pacific
coastline. However, on August 5, 2015, Plains All American
Pipeline, L.P and Plains GP Holdings, L.P. announced that the
extent of the spill was much greater than initially estimated, and
that the U.S. Department of Justice had initiated a criminal
investigation into the spill.
Consequently, Plains All American Pipeline, L.P share price fell
from a closing price of $49.59 per share on May 19, 2015, to a
closing price of $35.95 on August 5, 2015—a $13.64 or a 27.5%
drop.
Similarly, Plains GP Holdings' Class A shares' price fell from a
closing price of $24.38 per share on August 4, 2015, to a closing
price of $18.73 on August 5, 2015—a $5.65 or a 23.2% drop.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than
October 16, 2015. A lead plaintiff is a representative party acting
on behalf of other class members in directing the litigation. If
you wish to join the litigation, go to the firm's website at
http://www.rosenlegal.com/cases-701.html or to discuss your rights
or interests regarding this class action, please contact Phillip
Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll-free at
866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
Kevin Chan, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 34th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
kchan@rosenlegal.com
www.rosenlegal.com
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