January 25, 2016 - 6:11 PM EST
Print Email Article Font Down Font Up
The Shuman Law Firm Investigates Plains All American Pipeline, L.P.

The 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 protected] or email Mr. Glenn at [email protected].

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.

The Shuman Law Firm
Kip B. Shuman, Esq., 303-861-3003
[email protected]
Rusty E. Glenn, Esq., 303-861-3003
[email protected]
Toll-Free: 866-569-4531
Fax: 303-536-7849
Web: www.shumanlawfirm.com

Source: Business Wire (January 25, 2016 - 6:11 PM EST)

News by QuoteMedia

Legal Notice