SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. – PAA and PAGP
NEW YORK, NY / CRWEPRESSRELEASE / August 19, 2015 /Pomerantz LLP is investigating claims on behalf of investors of Plains All American Pipeline, L.P. (“PPA” or the “Company”) (NYSE: PAA) and Plains GP Holdings, L.P. (“PAGP” or the “Company”) (NYSE: PAGP). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether PPA, PAGP, and certain of its officers and/or directors of both companies have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On October 16, 2013, PAGP shares debuted on the NYSE in the largest IPO of 2013, making various representations alongside PAA SEC filings regarding the soundness of Plains’ operations, infrastructure, and response plans. On May 19, 2015, Plains’ Line 901 oil pipeline ruptured near Santa Barbara, CA and spilled 142,800 gallons, or 3,400 barrels of oil into the sea just north of Refugio State Beach. A partial corrective disclosure issued August 5, 2015 revealed the extent of the spill was approximately 40% larger than the company originally projected.
On this news, shares of PAGP dropped 5.19, or 21.7%, to close at 18.73 on August 5, 2015. On these announcements, PAA fell nearly 30%, from $49.59 on May 19, 2015 close to $35.95 on August 5, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlawfirm.com
SOURCE: Pomerantz LLP