STEVENSON, Md., Aug. 27, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that two lawsuits have been filed and are pending in the United States District Courts 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. (NYSE:PAA) (“Plains” or the “Company”) between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. (NYSE:PAGP) (“Plains Holdings”) between October 16, 2013 and August 4, 2015, inclusive (the “Class Period”), and on behalf of all persons who purchased or otherwise acquired Plains Holdings’ Class A Shares pursuant and/or traceable to Plains Holdings’ initial public offering conducted on or about October 16, 2013 (the “IPO”), as well as a registered public offering of Plains Holdings’ Class A Shares conducted on or about November 10, 2014 (the “November 2014 Offering” and, collectively with the IPO, the “Offerings”). Investors who wish to become proactively involved in the litigation have until October 16, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Plains between February 27, 2013 and August 4, 2015, or Plains Holdings between October 16, 2013 and August 4, 2015, and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose during the Class Period the lack of integrity concerning the Company’s pipeline operations, including its Line 901 pipeline off the coast of Santa Barbara, California represented to be “state of the art” with an oil spill qualified as “extremely unlikely,” as well as their lack of compliance with federal regulations.
According to the complaint, following the Company’s statement to investors that the May 19, 2015 rupture of Line 901, causing a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America, was a small spill of only 2,400 barrels, and the August 5, 2015 announcement that the spill was much greater than initially estimated and that the U.S. Department of Justice had initiated a criminal investigation, the value of Plains securities and Plains Holdings Class A Shares have declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.