Energy Transfer Class Action Lawsuit ET | Deadline August 2, 2022
Energy Transfer is facing a class action lawsuit (Energy Transfer Class Action Lawsuit) alleging that the Company made materially false and/or misleading statements and/or failed to disclose 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.
If you incurred a loss on ET common stock purchased between April 13, 2017 and December 20, 2021, both dates inclusive, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Southern District of New York, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until August 2, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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