On November 21, the Thornton law firm announced it has filed a lawsuit on behalf of shareholders of Energy Transfer LP [Sunoco] alleging the company and certain executives violated the federal securities laws by misleading its investors about its business, operational and compliance policies.
“Specifically, it is alleged Energy Transfer failed to disclose that its permits to conduct the Mariner East pipeline project in Pennsylvania were secured via bribery or other improper conduct.”
Investors who purchased ET securities between February 25, 2017 and November 11, 2019 would be affected, the law firm said.
The complaint says in part--
“Throughout the Class Period, Defendants made materially false and misleading statements regarding the Partnership’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Energy Transfer’s permits to conduct the Mariner East pipeline project in Pennsylvania were secured via bribery and/or other improper conduct; (ii) the foregoing misconduct increased the risk that the Partnership and/or certain of its employees would be subject to government and/or regulatory action, thereby depreciating the Partnership’s unit value; and (iii) as a result, the Partnership’s public statements were materially false and misleading at all relevant times.
“On November 12, 2019, the Associated Press reported that Energy Transfer’s Mariner East pipeline project was under investigation by the Federal Bureau of Investigation (“FBI”). Citing interviews with current and former state employees, the Associated Pressreported that the FBI’s investigation “involves the permitting of the pipeline, whether [Pennsylvania Governor Tom] Wolf and his administration forced environmental protection staff to approve construction permits and whether Wolf or his administration received anything in return.”
“On this news, Energy Transfer’s unit price fell $0.81 per share, or 6.77%, over the following two trading sessions, closing at $11.16 per share on November 13, 2019.
As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Partnership’s securities, Plaintiff and other Class members have suffered significant losses and damages.”
Click Here to learn more about the lawsuit. Click Here for a copy of the complaint.
For more information on actions related to the Mariner East Pipelines, visit DEP’s Mariner East Pipeline webpage.
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[Posted: November 22, 2019] www.PaEnvironmentDigest.com
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