Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Energy Transfer LP (NYSE: ET) common shares between April 13, 2017 and December 20, 2021, inclusive (the “Class Period”) have until August 2, 2022 to seek appointment as lead plaintiff in Vega v. Energy Transfer LP, No. 22-cv-04614 (S.D.N.Y.). The Energy Transfer class action lawsuit charges Energy Transfer and certain of its former top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
CASE ALLEGATIONS: Energy Transfer is a company engaged in natural gas and propane pipeline transport.
The Energy Transfer class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Energy Transfer had inadequate internal controls and procedures to prevent contractors from engaging in illegal conduct with regards to drilling activities, and/or failed to properly mitigate known issues related to such controls and procedures; (ii) Energy Transfer, through its subsidiary Rover Pipeline, LLC, hired third-party contractors to conduct Horizontal Directional Drilling Activities (“HDD”) for the Rover Pipeline Project, whose conduct of adding illegal additives in the drilling mud caused severe pollution near the Tuscarawas River when a large inadvertent release took place on April 13, 2017; and (iii) Energy Transfer continually downplayed its potential civil liabilities when the Federal Energy Regulatory Commission (“FERC”) was actively investigating Energy Transfer’s wrongdoing related to the April 13 release and consistently provided it with updated information about FERC’s findings on this matter.
On August 8, 2019, Energy Transfer disclosed that two years earlier, in mid-2017, FERC enforcement staff began a non-public formal investigation “regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River HDD.” On this news, the price of Energy Transfer stock declined 4.6%.
Then, on December 16, 2021, FERC publicly issued to Energy Transfer the Order to Show Cause and Notice of Proposed Penalties, which proposed a $40 million fine for the inadvertent release incident. On this news, the price of Energy Transfer shares declined an additional 2.8% over the course of two trading days, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Energy Transfer common shares during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Energy Transfer class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Energy Transfer class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Energy Transfer class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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