The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Energy Transfer LP (NYSE: ET) who purchased common stock between April 13, 2017 and December 20, 2021, both dates inclusive. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Energy Transfer lawsuit alleges that (a) ET had inadequate internal controls and procedures to prevent contractors from engaging in illegal conduct with regards to drilling activities, and/or failed to properly mitigate known issues related to such controls and procedures; (b) ET, through its subsidiary Rover Pipeline, LLC, hired a third-party contractor to conduct Horizontal Directional Drilling Activities for the Rover Pipeline Project, whose conduct of adding illegal additives in the drilling mud caused severe pollution near the Tuscarawas River when a large inadvertent release took place on April 13, 2017; (c) ET continually downplayed its potential civil liabilities when the Federal Energy Regulatory Commission (“FERC”) was actively investigating the Energy Transfer’s wrongdoing related to the April 13 release and consistently provided it with updated information about FERC’s findings on this matter.
Shareholders have until August 2, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.