Law firm Ryan & Maniskas LLP said Aug. 28 that a class action lawsuit was filed on behalf of investors who purchased common units of Plains All American Pipeline LP between Feb. 27, 2013 and Aug. 4, 2015, and also the Class A shares of Plains GP Holdings LP between Oct. 16, 2013 and Aug. 4, 2015, known as the class period.
The lawsuit was filed in the United States District Court for the Central District of California and the Southern District of Texas.
The complaint alleges that Plains failed to disclose the lack of integrity concerning its pipeline operations, and lack of compliance with federal regulations. During the class period, Plains executives characterized the Line 901 Pipeline off the coast of Santa Barbara, Calif., as "state-of-the-art," with an oil spill qualified as "extremely unlikely," the law firm said.
Line 901 ruptured on May 19, and the spill impacted several miles of protected coastline. On Aug. 5, defendants announced that the spill was much greater than initially estimated and that the U.S. Department of Justice had initiated an investigation. The price of Plains securities have declined by nearly 30%. Plains Holdings’ Class A shares fell more than 20% on Aug. 5, the law firm said.
No later than Oct. 16, shareholders may request that the court appoint them as lead plaintiff of the class action lawsuit.
Ryan & Maniskas LLP is based in Wayne, Pa.
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