Robbins Geller Appointed Lead Counsel in In re Plains All American Pipeline, L.P. Securities Litigation
Earlier today, Judge Rosenthal issued an order appointing IAM National Pension Fund as lead plaintiff and Robbins Geller Rudman & Dowd LLP as lead counsel in a securities fraud class action case pending in the United States District Court for the Southern District of Texas against Plains All American Pipeline, L.P. (“Plains” or the “Company”) and several other defendants.
The case arises out of allegedly false and misleading statements made by defendants concerning Plains’ oil pipeline integrity and maintenance. On May 19, 2015, Line 901 – a Plains pipeline spanning 10.6 miles in Santa Barbara County, California – ruptured, triggering a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America. Plaintiffs allege that not only did the spill reveal the lack of pipeline integrity and maintenance failures at Plains, contrary to the Company’s representations to investors and regulators, Plains was also wholly unprepared for the spill once it occurred. According to the complaint, Plains did not report the spill for several hours after it had already been discovered contrary to state law and the Company’s own plans. In response to the alleged disclosures in the complaint, the price of Plains’ securities plunged in value, causing substantial harm to investors.
The case asserts claims on behalf of investors in the Common Units of Plains between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. (“Plains Holdings”) between October 16, 2013 and August 4, 2015, inclusive, as well as purchasers of Plains Common Units pursuant and/or traceable to Plains’ registered public offering conducted on or about February 27, 2015, as well as purchasers of Plains Holdings Class A Shares pursuant and/or traceable to Plains Holdings’ initial public offering conducted on or about October 16, 2013 and a registered public offering of Plains Holdings Class A Shares conducted on or about November 10, 2014 for violations of the Securities Act of 1933 and Securities Exchange Act of 1934.
In re Plains All American Pipeline, L.P. Sec. Litig., No. 4:15-cv-02404 (S.D. Tex.).