Hagens Berman Alerts Investors in Plains All American Pipeline, L.P. or Plains GP Holdings, L.P. (NYSE: PAA, PAGP) of October...
September 21 2015 - 8:46PM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, alerts investors of the October 16, 2015 lead plaintiff
deadline in the securities fraud class action lawsuit filed against
Plains All American Pipeline, L.P. or Plains GP Holdings, L.P.
(NYSE:PAA) (NYSE:PAGP) (“Plains” or “the Company”).
If you have losses greater than $300,000 in Plains’ securities
during the Class Period, contact Hagens Berman Partner Reed
Kathrein, who is leading the firm’s investigation, by calling (510)
725-3000, emailing PAA@hbsslaw.com or visiting
http://hb-securities.com/investigations/PAA.
Two lawsuits are pending in U.S. District Courts for the Central
District of California and the Southern District of Texas.
The cases are filed on behalf of all investors who purchased the
Common Units of Plains All American Pipeline, L.P. (PAA) between
February 27, 2013 and August 4, 2015, inclusive, and the Class A
Shares of Plains GP Holdings, L.P. (PAGP) between October 16, 2013
and August 4, 2015, inclusive, (the “Class Period”).
The complaint alleges that defendants failed to disclose the
potentially catastrophic lack of integrity concerning the Company’s
pipeline operations along with the Company’s failure to comply with
federal regulations. During the Class Period, Plains executives
characterized the Line 901 pipeline off the coast of Santa Barbara,
California as “state of the art,” with an oil spill qualified as
“extremely unlikely.”
Yet on May 19, 2015, Line 901 ruptured, causing a spill that
impacted several miles of some of the most environmentally
sensitive and protected coastline in North America. The Company
told investors this was a small spill, and estimated that in the
“worst case” only 2,400 barrels were released into the Pacific
coastline. However, the truth was revealed on August 5, 2015, when
defendants announced that the 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
Plains securities have declined by nearly 30%. Plains Holdings
Class A Shares have similarly declined in value, falling $5.65 per
share on August 5, 2015, or over 20%.
If you were negatively impacted by over $300,000 in your
investment in PAA between February 27, 2013 and August 4, 2015, or
PAGP between October 16, 2013 and August 4, 2015, and would like to
learn more about this lawsuit and your ability to participate as a
lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public
information regarding Plains should consider their options to help
in the investigation or take advantage of the SEC Whistleblower
program. Under the new SEC whistleblower program, whistleblowers
who provide original information may receive rewards totaling up to
30 percent of any successful recovery made by the SEC. For more
information, call Reed Kathrein at (510) 725-3000 or email
PAA@hbsslaw.com.
About Hagens Berman Hagens Berman Sobol Shapiro LLP is an
investor-rights class-action law firm headquartered in Seattle,
Washington with offices in nine cities. The firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the firm and its successes can be found at
www.hbsslaw.com. Read the firm’s Securities Newsletter at
http://www.hb-securities.com/newsletter. The firm’s blog is located
at www.meaningfuldisclosure.com. For the latest news from Hagens
Berman, visit http://www.hbsslaw.com/newsroom or follow us on
Twitter at @hagensberman.
Reed Kathrein, (510) 725-3000
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