Lawsuit filed for Investors in shares of Energy Transfer LP (NYSE: ET)

An investor, who purchased shares of Energy Transfer LP (NYSE: ET), filed a lawsuit York over alleged violations of Federal Securities Laws by Energy Transfer LP in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Energy Transfer LP (NYSE: ET) have certain options and for certain investors are short and strict deadlines running. Deadline: August 2, 2022. NYSE: ET investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Dallas, TX based Energy Transfer LP provides energy-related services. It was founded in 1996 and became a publicly traded partnership in 2006. The Partnership through its subsidiaries provides transportation, storage, and terminalling services for products like natural gas, crude oil, NGL, and refined products. The Partnership also constructs natural gas pipelines through its various subsidiaries.
On April 13, 2017, the horizontal directional drilling activities ("HDD") for the Rover Pipeline Project, one of the Partnership's natural gas pipeline construction projects, caused a large inadvertent release of drilling mud near the Tuscarawas River in Ohio.
On August 8, 2019, Energy Transfer filed its quarterly report on Form 10-Q with the SEC, reporting the Partnership's financial and operating results for the second quarter ended June 30, 2019. This quarterly report disclosed that two years earlier, in mid-2017 the Federal Energy Regulatory Commission ("FERC")'s Enforcement Staff began a formal investigation "regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River HDD." On this news, the price of Energy Transfer stock declined $0.65, or 4.6% over two trading days, to close at $13.38 on August 12, 2019.

Then, on December 16, 2021, FERC publicly issued to Energy Transfer the Order To Show Cause and Notice of Proposed Penalty, which directed the Partnership to show cause why it should not be assessed a civil penalty in the amount of $40,000,000. The order presented the allegation by the Enforcement Staff that the HDD crews intentionally included diesel fuel and other toxic substances and unapproved additives in the drilling mud during its HDDs under the Tuscarawas River.

Shares of Energy Transfer LP (NYSE: ET) declined from $11.35 per share in June 2021 to $7.96 per share on December 6, 2021.

The plaintiff claims that between April 13, 2017 and December 20, 2021, Energy Transfer concealed and misrepresented that Energy Transfer 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, that Energy Transfer through its subsidiary hired third-party contractors to conduct HDDs for the Rover Pipeline Project, whose conduct of adding illegal additives in the drilling mud caused severe pollution near the Tuscarawas River when the April 13 Release took place, and that Energy Transfer continually downplayed its potential civil liabilities when FERC was actively investigating the Partnership's wrongdoing related to the April 13 Release and consistently provided it with updated information about FERC's findings on this matter.

Those who purchased shares of Energy Transfer LP (NYSE: ET) have certain options and should contact the Shareholders Foundation.

Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.