NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Energy Transfer LP (""Energy Transfer or the "Company") (NYSE: ET). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Energy Transfer and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 8, 2019, Energy Transfer filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission, reporting the Partnership's financial and operating results for the second quarter ended June 30, 2019 (the "2Q19 10-Q"). The 2Q19 10-Q disclosed that two years earlier, in mid-2017 Federal Energy Regulatory Commission ("FERC") Enforcement Staff began a non-public formal investigation "regarding allegations that diesel fuel may have been included in the drilling mud at the Tuscarawas River HDD." On this news, Energy Transfer's stock price fell $0.65 per share, or 4.6%, over the following two trading days, to close at $13.38 per share on August 12, 2019. Then, on December 16, 2021, FERC publicly issued to Energy Transfer an Order To Show Cause And Notice of Proposed Penalty, which proposed a $40 million fine for the inadvertent release incident.
On this news, the price of Energy Transfer shares declined $0.24, or 2.8% over the course of two trading days, to close at $8.25 per share on December 20, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP