NEW YORK--(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 firstname.lastname@example.org or email@example.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 firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.