The Shuman Law Firm Investigates Plains All American Pipeline, L.P.
January 25 2016 - 6:11PM
Business Wire
The Shuman Law Firm announces that it is investigating potential
claims against certain officers and directors of Plains All
American Pipeline, L.P. (“PAA” or the “Company”) (NYSE: PAA). PAA
is a Houston, TX-based company that engages in the transportation,
storage, terminalling, and marketing of crude oil, natural gas
liquids (NGL), natural gas, and refined products in the United
States and Canada.
The Firm’s investigation concerns whether certain current and/or
former senior officers and directors of PAA breached their
fiduciary duties to the Company by allegedly causing the Company to
fail to disclose the lack of integrity concerning the Company’s
pipeline operations as well as their lack of compliance with
federal safety regulations. A class action lawsuit filed against
the Company and certain senior executives alleges that senior PAA
executives characterized PAA’s safety compliance efforts for the
Line 901 pipeline off the coast of California as “state of the art”
with an oil spill being qualified as “extremely unlikely.” Despite
these assurances, on May 19, 2015, Line 901 ruptured but was
dismissed to be a small spill according to PAA executives,
estimating 2,400 barrels being released into the federally
protected and environmentally sensitive Pacific coastline. However,
on August 5, 2015, PAA 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.
Following the August 5, 2015 disclosure, the Company’s stock
price immediately fell more than 27% from $49.59 per share on May
19, 2015 (before the spill) to a closing price of $35.95 per share
on August 5, 2015. The Company’s stock price has not rebounded and
currently trades for under $20.00 per share.
If you currently own PAA common stock and are interested in
discussing your rights as a shareholder, or have information
relating to this investigation, please contact Kip B. Shuman or
Rusty E. Glenn toll-free at (866) 569-4531 or email Mr. Shuman at
kip@shumanlawfirm.com or email Mr. Glenn at
rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
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version on businesswire.com: http://www.businesswire.com/news/home/20160125006609/en/
The Shuman Law FirmKip B. Shuman, Esq.,
303-861-3003kip@shumanlawfirm.comorRusty E. Glenn, Esq.,
303-861-3003rusty@shumanlawfirm.comToll-Free: 866-569-4531Fax:
303-536-7849Web: www.shumanlawfirm.com
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