GPM Announces Investigation on Behalf of Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. Investors
October 01 2015 - 10:50AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that it is
investigating potential claims on behalf of investors of Plains All
American Pipeline, L.P. and Plains GP Holdings, L.P. ("PAA" or the
"Company") (NYSE:PAA) (NYSE:PAGP). The investigation concerns
whether the Company violated federal securities laws by issuing
materially misleading information regarding its operations and
safety standards. Investors that have suffered over $100,000 in
damages following the recent PAA securities price decline are
encouraged to GPM to discuss their legal rights.
The investigation concerns whether the Company failed to
disclose the lack of safety and compliance measures in the
Company’s pipeline operations; while PAA executives characterized
its Line 901 pipeline off the coast of Santa Barbara, California as
“state of the art,” with an oil spill qualified as “extremely
unlikely.”
On May 19, 2015, Line 901 ruptured, causing a spill that damaged
miles of environmentally sensitive and protected coastline in Santa
Barbara, California. The Company downplayed the impact of the spill
to investors, however the truth was that the spill’s impact was far
greater than PAA communicated to investors.
The truth was fully revealed on August 5, 2015, when defendants
announced that the Line 901 spill was much greater than initially
estimated and that the U.S. Department of Justice had initiated a
criminal investigation. In response to disclosures concerning the
spill and the truth about the Company’s operations, the price of
PAA securities have declined sharply in value.
If you purchased PAA securities, have information or would like
to learn more about these claims including whether you qualify to
serve as a class representative, or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Lesley F. 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
shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20151001006285/en/
Glancy Prongay & Murray LLP, Los AngelesLesley F. Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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