Energy Transfer LP
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of those who acquired Energy Transfer LP (“Energy Transfer” or the “Company”) (NYSE: ET) securities during the period from February 25, 2017 through November 11, 2019 (the “Class Period”). Investors have until January 21, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company 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; and (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.
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”). The investigation reportedly involved “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, the price of Energy Transfer shares fell $0.81, or 6.8%, over the following two trading sessions, to close at $11.16 per share on November 13, 2019.
If you acquired Energy Transfer securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.