ENERGY TRANSFER LP (NYSE: ET) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Energy Transfer LP (NYSE: ET)
News provided byBernstein Liebhard LLP
Jun 07, 2022, 1:30 AM ET
Did you lose money on investments in Energy Transfer? If so, please visit Energy Transfer LP Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or firstname.lastname@example.org to discuss your rights.
NEW YORK, June 07, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common shares of Energy Transfer LP (“Energy Transfer” or the “Company”) (NYSE: ET) between April 13, 2017 and December 20, 2021, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934.
Energy Transfer, a Delaware company headquartered in Dallas, Texas, was founded in 1996 and became a publicly traded partnership in 2006. The Partnership was formerly known as Energy Transfer Equity, L.P. and changed its name to Energy Transfer LP in October 2018. Energy Transfer is a company engaged in natural gas and propane pipeline transport. Energy Transfer LP, through its subsidiaries, provides transportation, storage, and terminalling services for products like natural gas, crude oil, Natural Gas Liquids (“NGL”), and refined products.
In the Complaint, Plaintiff alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (a) 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; (b) Energy Transfer, through its subsidiary Rover Pipeline, LLC (“Rover”), hired a third-party contractor to conduct Horizontal Directional Drilling Activities (“HDD”) for the Rover Pipeline Project (the “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 (the “April 13 Release”); and (c) 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. These issues were foreseeably likely to subject Energy Transfer to increased governmental scrutiny and enforcement, as well as increased reputational and financial harm, and would also materially impact Energy Transfer’s financial results.
On August 8, 2019, Energy Transfer filed its quarterly report on Form 10-Q with the SEC, reporting the Partnership’s financial and operating results for the second quarter ended June 30, 2019 (the “2Q19 10-Q”). The 2Q19 10-Q 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.”
As a result of this news, the price of Energy Transfer stock declined 4.6% over two trading days, to close at $13.38 on August 12, 2019.
Then on December 16, 2021, FERC publicly issued to Energy Transfer an Order To Show Cause And Notice of Proposed Penalty (the “FERC Order”), which proposed a $40 million fine for the inadvertent release incident. On this news, the price of Energy Transfer shares declined 2.8% over the course of two trading days, to close at $8.25, on December 20, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than August 2, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased ET common shares, and/or would like to discuss your legal rights and options please visit Energy Transfer LP Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or email@example.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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