September 1, 2015 - The plaintiff filed a notice of voluntary dismissal.
August 14, 2015 - An investor in shares of Plains All American Pipeline LP (NYSE: PAA) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Plains All American Pipeline LP in connection with certain allegedly false and misleading statements made between February 27, 2013 and August 4, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Common Units of Plains All American Pipeline LP (NYSE: PAA) between February 27, 2013 and August 4, 2015, inclusive, and on behalf of purchasers of the Class A Shares of Plains GP Holdings LP (NYSE: PAGP) between October 16, 2013 and August 4, 2015 violations of Section 10(b) and 20(a) under the Securities Exchange Act of 1934. The Complaint also alleges claims under Sections 11, 12 and 15 of the Securities Act of 1933 on behalf of all persons who purchased or otherwise acquired Plains Holdings Class A Shares pursuant and/or traceable to Plains Holdings' initial public offering conducted on or about October 16, 2013 (the IPO ), as well as a registered public offering of Plains Holdings Class A Shares conducted on or about November 10, 2014. More specifically, the plaintiff claims that between October 16, 2013 and August 4, 2015 Plains All American Pipeline LP, Plains GP Holdings LP, and certain of its senior executives violated provisions of the Securities Exchange Act of 1934 by issuing false and misleading statements concerning Plains All American Pipeline LP’s pipeline monitoring, maintenance and spill response measures, as well as its compliance with federal regulations governing its pipeline operations. Among other things, Plains All American Pipeline LP told investors and regulators that it was in compliance with regulations governing its pipeline operations, and that its Line 901 pipeline and operations off the coast of Santa Barbara, California were state of the art and therefore a spill was extremely unlikely.

Plains All American Pipeline LP reported that its annual Total Revenue increased from over $37.79 billion in 2012 to over $43.46 billion in 214 and that its respective Net Income rose from over $1.09 billion to over $1.38 billion. Shares of Plains All American Pipeline LP (NYSE: PAA) grew from $48.58 per share in December 2013 to as high as $60.36 per share in September 2014.

On May 19, 2015, news reports disclosed that Line 901 had ruptured, causing a spill that impacted several miles of some of the most environmentally sensitive and protected coastline in North America.

The plaintiff says that although Plains All American Pipeline LP was required to notify the National Response Center within 30 minutes of discovery of the spill, the agency was instead notified as a result of a 911 call to the local fire department. Furthermore, the plaintiff claims that regulators investigating the spill have reported that Line 901 and an adjacent pipeline were extensively corroded, and that prior inspections had shown a worsening of pipeline integrity.

The plaintiff alleges that after the spill occurred certain Plains All American Pipeline LP executives misrepresented the extent and severity of the spill and that in the days after the spill was disclosed, Plains All American Pipeline LP officials told investors that a worst case estimate showed that 2,400 barrels had been released.

Then on August 5, 2015, Plains All American Pipeline LP reported that the extent of the spill was far greater than initially reported, and that the U.S. Department of Justice had initiated a criminal investigation into the spill.

Shares of Plains All American Pipeline LP (NYSE: PAA) declined from over $60 per share in September 2014 to as low as $33.32 per share on August 19, 2015.