SAN DIEGO, Aug. 26, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Plains All American Pipeline, L.P. (NYSE:PAA) over alleged Violations of Federal Securities Laws by Plains All American Pipeline in connection with an oil spill off the coast of Santa Barbara.
Investors who purchased shares of Plains All American Pipeline, L.P. (NYSE:PAA) and/or Class A Shares of Plains GP Holdings, L.P. (NYSE:PAGP) have certain options and for certain investors are short and strict deadlines running. Deadline: October 16, 2015. (NYSE:PAA) and (NYSE:PAGP) investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that defendants issued certain allegedly false and misleading statements concerning Plains All American Pipeline, L.P.’s pipeline monitoring, maintenance and spill response measures, as well as its compliance with federal regulations governing its pipeline operations. The plaintiff alleges that among other things, Plains All American Pipeline, L.P. told investors and regulators that it was in compliance with regulations governing its pipeline operations, and that its Line 901 pipeline and operations off the coast of Santa Barbara, California were "state of the art" and therefore a spill was "extremely unlikely."
On May 19, 2015, news reports disclosed that Line 901 had ruptured, causing a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America.
The plaintiff claims that regulators investigating the spill have reported that Line 901 and an adjacent pipeline were "extensively" corroded, and that prior inspections had shown a worsening of pipeline integrity.
The plaintiff alleges that after the spill occurred certain Plains All American Pipeline, L.P. executives misrepresented the extent and severity of the spill and that in the days after the spill was disclosed, Plains All American Pipeline, L.P. officials told investors that a "worst case" estimate showed that 2,400 barrels had been released.
Then on August 5, 2015, Plains All American Pipeline, L.P. reported that the extent of the spill was far greater than initially reported, and that the Department of Justice had initiated a criminal investigation into the spill.
Those who purchased (NYSE:PAA) and/or (NYSE:PAGP) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.