PHILADELPHIA – The Allegheny County Employees' Retirement System alleges it was damaged by falling stock prices because of Energy Transfer's alleged wrongful acts regarding the Mariner East pipeline project.
The Allegheny County Employees' Retirement System, individually and on behalf of all others similarly situated, filed a complaint Jan. 10 in the U.S. District Court for the Eastern District of Pennsylvania against Energy Transfer LP and others alleging violation of the Securities Exchange Act of 1934.
According to the suit, the plaintiff is an investor who purchased or acquired Energy Transfer common units between the class period of Feb. 25, 2017, and Nov. 11, 2019. The plaintiff alleges that Energy Transfer lied to investors about permits it obtained for the second phase of its multibillion-dollar, 350-mile Mariner East gas pipeline project. It alleges Energy Transfer used "coercion, bribery and other illegal acts" to obtain the permits, which sparked an FBI investigation and caused the company's stock to fall 6.77 percent per share on Nov. 13, 2019.
The plaintiff seeks compensatory damages, costs and attorneys' fees. The plaintiff is represented by Robert Weiser and James Ficaro of the Weiser Law Firm in Berwyn and Hannah Ross, Avi Josefson and Michael Blatchley of Bernstein Litowitz Berger & Grossman LLP in New York.
U.S. District Court for the Eastern District of Pennsylvania case number 2:20-CV-00200-GAM