WAYNE, Pa., Aug. 28, 2015 /PRNewswire/ -- Ryan &
Maniskas, LLP announces that a class action lawsuit has been filed
in the United States District Court for the Central District of
California and the Southern
District of Texas on behalf of all
investors who purchased the Common Units of Plains All American
Pipeline, L.P. ("Plains" or "the Company") (NYSE: PAA) between
February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares
of Plains GP Holdings, L.P. (NYSE: PAGP) between October 16, 2013 and August 4, 2015, inclusive, (the "Class
Period").
Plains shareholders may, no later than October 16, 2015, move the Court for appointment
as a lead plaintiff of the Class. If you purchased shares of
Plains and would like to learn more about these claims or if you
wish to discuss these matters and have any questions concerning
this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877)
316-3218 or to sign up online, visit:
www.rmclasslaw.com/cases/paa.
The complaint alleged that defendants failed to disclose the
lack of integrity concerning the Company's pipeline operations as
well as their lack of compliance with federal regulations. During
the Class Period, Plains 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."
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 are a member of the class, you may, no later than
October 16, 2015, request that the
Court appoint you as lead plaintiff of the class. A lead
plaintiff is a representative party that acts on behalf of other
class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members, and
that the class member will adequately represent the class.
Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in
any recovery is not, however, affected by the decision whether or
not to serve as a lead plaintiff. You may retain Ryan &
Maniskas, LLP or other counsel of your choice, to serve as your
counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation
firm. Ryan & Maniskas, LLP is devoted to protecting the
interests of individual and institutional investors in shareholder
actions in state and federal courts nationwide. To learn more
about the class action process, please visit:
www.rmclasslaw.com.
CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old
Eagle School Rd., Suite 311
Wayne, PA
19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/paa
rmaniskas@rmclasslaw.com
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SOURCE Ryan & Maniskas, LLP