San Diego, CA -- (SBWire) -- 03/14/2016 --An investigation for shareholders in Plains GP Holdings LP (NYSE:PAGP) was announced over potential breaches of fiduciary duties by certain Plains GP Holdings directors.
Investors who purchased shares of Plains GP Holdings LP (NYSE:PAGP) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Plains GP Holdings directors breached their fiduciary duties and caused damage to the company and its shareholders.
A lawsuit was filed against Plains All American Pipeline, L.P. over alleged securities laws violations. The plaintiff claims that Plains All American Pipeline, L.P., Plains GP Holdings, L.P., violated provisions of the Securities Exchange Act of 1934 by issuing certain 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. 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 says that although Plains All American Pipeline, L.P. was required to notify the National Response Center within 30 minutes of discovery of the spill, the agency was instead notified as a result of a 911 call to the local fire department. Furthermore, 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 U.S. Department of Justice had initiated a criminal investigation into the spill.
Shares of Plains All American Pipeline, L.P. (NYSE:PAA) declined from over $60 per share in September 2014 to as low as $17.83 per share on December 7, 2015.
Those who purchased shares of Plains GP Holdings LP (NYSE:PAGP) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Plains GP Holdings LP(NYSE:PAGP) Shareholder Alert: Investigation Announced
An investigation on behalf of investors in NYSE:PAGP shares over potential wrongdoing was announced and NYSE:PAGP stockholders should contact the Shareholders Foundation.