The Shuman Law Firm Investigates Plains All American Pipeline, L.P.
Shuman Law Firm announces that it is investigating potential claims
against certain officers and directors of Plains All American Pipeline,
L.P. (“PAA” or the “Company”) (NYSE: PAA).
PAA is a Houston, TX-based company that engages in the transportation,
storage, terminalling, and marketing of crude oil, natural gas liquids
(NGL), natural gas, and refined products in the United States and Canada.
The Firm’s investigation concerns whether certain current and/or former
senior officers and directors of PAA breached their fiduciary duties to
the Company by allegedly causing the Company to fail to disclose the
lack of integrity concerning the Company’s pipeline operations as well
as their lack of compliance with federal safety regulations. A class
action lawsuit filed against the Company and certain senior executives
alleges that senior PAA executives characterized PAA’s safety compliance
efforts for the Line 901 pipeline off the coast of California as “state
of the art” with an oil spill being qualified as “extremely unlikely.”
Despite these assurances, on May 19, 2015, Line 901 ruptured but was
dismissed to be a small spill according to PAA executives, estimating
2,400 barrels being released into the federally protected and
environmentally sensitive Pacific coastline. However, on August 5, 2015,
PAA announced that the extent of the spill was much greater than
initially estimated, and that the U.S. Department of Justice had
initiated a criminal investigation into the spill.
Following the August 5, 2015 disclosure, the Company’s stock price
immediately fell more than 27% from $49.59 per share on May 19, 2015
(before the spill) to a closing price of $35.95 per share on August 5,
2015. The Company’s stock price has not rebounded and currently trades
for under $20.00 per share.
If you currently own PAA common stock and are interested in discussing
your rights as a shareholder, or have information relating to this
investigation, please contact Kip B. Shuman or Rusty E. Glenn toll-free
at (866) 569-4531 or email Mr. Shuman at email@example.com
or email Mr. Glenn at firstname.lastname@example.org.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160125006609/en/
Copyright Business Wire 2016
Source: Business Wire
(January 25, 2016 - 6:11 PM EST)
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