| Company: | Plains All American Pipeline, L.P |
| Ticker Symbol: | PAAPAGP |
| Class Period: | Feb-27-13 to Aug-4-15 |
| Date Filed: | Aug-24-15 |
| Lead Plaintiff Deadline: | Oct-23-15 |
| Court: | Central District of California |
| Allegations: | |
The lawsuits have been filed and 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 alleged that defendants failed to disclose the lack of integrity concerning the Company's pipeline operations as well as their lack of compliance with federal regulations. During the Class Period, Plains executives characterized its 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%.
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.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
