San Diego, CA -- (SBWIRE) -- 10/13/2015 -- A deadline is coming up on October 16, 2015 in the lawsuit filed for certain shareholders in NYSE:PAA shares over alleged securities laws violations by Plains All American Pipeline.

Investors who purchased shares of Plains All American Pipeline, L.P. (NYSE:PAA) have certain options and there are strict and short deadlines running. Deadline: October 16, 2015. NYSE:PAA stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.

The plaintiff alleges on behalf of purchasers of Plains All American Pipeline, L.P. (NYSE:PAA) between February 27, 2013 and August 4, 2015, inclusive, and the Class A Shares of Plains GP Holdings, L.P. (NYSE: PAGP) between October 16, 2013 and August 4, 2015 violations of Section 10(b) and 20(a) under the Securities Exchange Act of 1934. The Complaint also alleges claims under Sections 11, 12 and 15 of the Securities Act of 1933 on behalf of all persons who purchased or otherwise acquired Plains Holdings Class A Shares pursuant and/or traceable to Plains Holdings' initial public offering conducted on or about October 16, 2013 (the "IPO"), as well as a registered public offering of Plains Holdings Class A Shares conducted on or about November 10, 2014. More specifically, the plaintiff claims that between October 16, 2013 and August 4, 2015 Plains All American Pipeline, L.P., Plains GP Holdings, L.P., and certain of its senior executives violated provisions of the Securities Exchange Act of 1934 by issuing false and misleading statements concerning Plains All American Pipeline, L.P.'s pipeline monitoring, maintenance and spill response measures, as well as its compliance with federal regulations governing its pipeline operations. Among other things, Plains All American Pipeline, L.P. told investors and regulators that it was in compliance with regulations governing its pipeline operations, and that its Line 901 pipeline and operations off the coast of Santa Barbara, California were "state of the art" and therefore a spill was "extremely unlikely."

On May 19, 2015, news reports disclosed that Line 901 had ruptured, causing a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America.

The plaintiff says that although Plains All American Pipeline, L.P. was required to notify the National Response Center within 30 minutes of discovery of the spill, the agency was instead notified as a result of a 911 call to the local fire department.

Furthermore, the plaintiff claims that regulators investigating the spill have reported that Line 901 and an adjacent pipeline were "extensively" corroded, and that prior inspections had shown a worsening of pipeline integrity.

The plaintiff alleges that after the spill occurred certain Plains All American Pipeline, L.P. executives misrepresented the extent and severity of the spill and that in the days after the spill was disclosed, Plains All American Pipeline, L.P. officials told investors that a "worst case" estimate showed that 2,400 barrels had been released.

Then on August 5, 2015, Plains All American Pipeline, L.P. reported that the extent of the spill was far greater than initially reported, and that the U.S. Department of Justice had initiated a criminal investigation into the spill.

Shares of Plains All American Pipeline, L.P. (NYSE:PAA) declined from over $60 per share in September 2014 to as low as $33.32 per share on August 19, 2015.

Those who purchased shares of Plains All American Pipeline, L.P. (NYSE:PAA) and/or Class A Shares of Plains GP Holdings, L.P. (NYSE: PAGP) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com