WAYNE, Pa., Aug. 28, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Central District of California and the Southern District of Texas on behalf of all investors who purchased the Common Units of Plains All American Pipeline, L.P. ("Plains" or "the Company") (NYSE: PAA) between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. (NYSE: PAGP) between October 16, 2013 and August 4, 2015, inclusive, (the "Class Period").
Plains shareholders may, no later than October 16, 2015, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Plains and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/paa.
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%.
If you are a member of the class, you may, no later than October 16, 2015, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP