EQUITY ALERT: The Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Plains All American Pipeline, L....
August 18 2015 - 8:10PM
Business Wire
The 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) Common
Units from February 27, 2013 through August 4, 2015, inclusive and
Plains GP Holdings, L.P. (NYSE: PAGP) Class A Shares from October
16, 2013 through August 4, 2015, inclusive (the “Class Period”).
The lawsuit seeks to recover investors’ losses under the federal
securities laws.
To join the Plains 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.
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 Plains 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.
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 The Rosen
Law Firm toll-free at 866-767-3653 or via e-mail at
pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20150818006659/en/
The Rosen Law Firm, P.A.Laurence Rosen, Esq.Phillip Kim,
Esq.Kevin Chan, Esq.275 Madison Avenue, 34th FloorNew York, NY
10016Tel: (212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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