An investigation on behalf of investors of Plains GP Holdings, L.P. (NASDAQ: PAGP) shares over potential securities laws violations by Plains GP Holdings, L.P. and certain of its directors and officers in connection with certain financial statements was announced.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Plains GP Holdings, L.P. (NASDAQ: PAGP) concerning whether a series of statements by Plains GP Holdings, L.P. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Houston, TX based Plains GP Holdings, L.P. owns and operates midstream energy infrastructure in the United States and Canada. On February 9, 2021, Plains GP Holdings, L.P reported its fourth-quarter and full-year 2020 financial results. Plains GP Holdings, L.P. reporte dtha its annual Total Revenue declined from over $33.66 billion in 2019 to over $23.29 billion in 2020, and that its Net Income of $331 million of 2019 turned into a Net Loss of $568 million in 2020. Plains GP Holdings, L.P also reported fourth-quarter GAAP earnings-per-share of –$0.11, missing estimates by $0.33, and fourth-quarter revenues of $5.96 billion, representing a 34.9% year-to-year decline and missing estimates by $260 million.
Shares of Plains GP Holdings, L.P. (NASDAQ: PAGP) declined from $10.85 per share on January 14, 2021 to as low as $8.25 per share on February 18, 2021.