Energy Transfer LP
Attention investors who purchased shares of Energy Transfer LP between February 25, 2017 and November 11, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Energy Transfer LP (f/k/a Energy Transfer Equity, L.P.) ("Energy Transfer") concerning whether Energy Transfer and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period February 25, 2017 and November 11, 2019, inclusive (the "Class Period"), concerning Energy Transfer's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of Energy Transfer's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Northern District of Texas on behalf of all persons or entities that purchased the common stock of Energy Transfer LP (f/k/a Energy Transfer Equity, L.P.) (“Energy Transfer” or the “Company”) (NYSE: ET) between February 25, 2017 and November 11, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Energy Transfer during the Class Period, or purchased shares prior to the Class Period and still hold Energy Transfer, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at firstname.lastname@example.org, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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; and (iii) as a result, the Partnership’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, 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 Press reported 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, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 20, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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