WARNING! Impending Investigation: PLAINS ALL AMERICAN PIPELINE (NYSE: PAA) and PLAINS GP HOLDINGS, L.P. (NYSE: PAGP)
Have you lost money in Plains All American Pipeline, L.P. (NYSE: PAA) or Plains GP Holdings, L.P. (NYSE: PAGP)?
You may be able to recover your damages. There are lawsuits pending in the U.S. District Courts for the Central District of California and the Southern District of Texas for investors who purchased the Common Units of Plains All American Pipeline, L.P. (PAA) between February 27, 2013 and August 4, 2015, and the Class A Shares of Plains GP Holdings, L.P. (PAGP) between October 16, 2013 and August 4, 2015.
The class action complaints alleged that Plains executives gave false and misleading statements about its Line 901 pipeline off the coast of Santa Barbara, California as “state of the art,” with an oil spill qualified as “extremely unlikely.” However, it was alleged that 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 complaint further alleged that Plains told investors that the spill was only minimal but admitted later that it was much greater and that the U.S. Department of Justice had initiated a criminal investigation. Plains All American Pipeline and Plains GP Holdings and certain senior executive officers of these companies allegedly violated the Securities Exchange Act of 1934 and/or the Securities Act of 1933 with material misstatements and omissions to its investors.
Investments in Plains securities have declined by nearly 30% and Plains Holdings Class A Shares have also declined in value, falling to $5.65 per share on August 5, 2015 (over 20%).
Investors who purchased shares of Plains All American Pipeline and Plains GP Holdings at the recommendation of a financial advisor may have a claim against their advisor. If the advisor misrepresented the risks of these companies to you, or if your investment in these companies was unsuitable for you based on your investment objectives, risk tolerance, age, net worth, etc., you may be able to recover your losses from the financial advisor and/or his or her brokerage firm.
If you lost money in PAA between February 27, 2013 and August 4, 2015, or PAGP between October 16, 2013 and August 4, 2015, and would like to hear all your legal options, please contact us at (720) 599-3505 or www.israelsneuman.com for a Free Consultation.