Shareholder Alert: Robbins LLP Announces Energy Transfer LP (ET) Sued for Misleading Shareholders
SAN DIEGO & DALLAS--(BUSINESS WIRE)--Nov 25, 2019--
Shareholder rights law firm Robbins LLP announces that a purchaser of Energy Transfer LP (NYSE: ET) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between February 25, 2017 and November 11, 2019. Energy Transfer provides energy-related services in the United States and China. One of its projects includes the Mariner East pipeline, a multibillion-dollar pipeline project to carry highly volatile natural gas liquids across Pennsylvania.
If you suffered a loss as a result of Energy Transfer’s misconduct, click here.
Energy Transfer LP (ET) Accused of Bribery
According to the complaint, in February 2017, the Pennsylvania Department of Environmental Protection approved water-crossing and sedimentation permits for the Mariner East 2 pipeline, which was believed to be the final regulatory hurdle to begin construction of the pipeline. What Energy Transfer’s investors didn’t know, however, was that Energy Transfer’s permits were secured via bribery and other improper conduct. This wrongdoing became public knowledge on November 12, 2019, when the Associated Press reported that Energy Transfer’s Mariner East pipeline project was under investigation by the Federal Bureau of Investigation relating to “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 stock fell almost 7% to close at $11.16.
Energy Transfer LP (ET) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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SOURCE: Robbins LLP
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PUB: 11/25/2019 08:10 PM/DISC: 11/25/2019 08:10 PM