SAN FRANCISCO, Sept. 16, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, alerts investors of the October 16, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Plains All American Pipeline, L.P. or Plains GP Holdings, L.P. (NYSE:PAA) (NYSE:PAGP) (“Plains” or “the Company”).
If you have losses greater than $300,000 in Plains’ securities during the Class Period, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing PAA@hbsslaw.com or visiting http://hb-securities.com/investigations/PAA.
Two lawsuits are pending in U.S. District Courts for the Central District of California and the Southern District of Texas. The cases are filed on behalf of all investors who purchased the Common Units of Plains All American Pipeline, L.P. (PAA) between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. (PAGP) between October 16, 2013 and August 4, 2015, inclusive, (the “Class Period”).
The complaint alleges that defendants failed to disclose the potentially catastrophic lack of integrity concerning the Company’s pipeline operations along with the Company’s failure to comply with federal regulations. During the Class Period, Plains executives characterized the 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 were negatively impacted by over $300,000 in your investment in PAA between February 27, 2013 and August 4, 2015, or PAGP between October 16, 2013 and August 4, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Plains should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email PAA@hbsslaw.com.
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