The Notice is being sent pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of Pennsylvania (the “Court”) to inform you (i) of a class action lawsuit that is now pending in the Court under the caption Allegheny County Employees’ Retirement System, et al. v. Energy Transfer LP, et al., Case No. 2:20-cv-00200-GAM (the “Action”) against Energy Transfer LP (“Energy Transfer”), Kelcy L. Warren, Thomas E. Long, Marshall McCrea, and Matthew S. Ramsey (collectively, “Defendants”), and (ii) that the Action has been certified by the Court to proceed as a class action on behalf of certain purchasers and acquirers of Energy Transfer common units. You have received the Notice because you may be a member of the Class.

The Court has not decided whether Defendants did anything wrong, and the Notice is not an admission by Defendants or an expression of any opinion of the Court concerning the merits of the lawsuit or a finding by the Court that the claims asserted by Lead Plaintiffs the Allegheny County Employees’ Retirement System, the Employees’ Retirement System of the City of Baton Rouge and Parish of East Baton Rouge, the Denver Employees Retirement Plan, the IAM National Pension Fund, and the Iowa Public Employees’ Retirement System (collectively, “Lead Plaintiffs”) in this case are valid.  There is no settlement or monetary recovery at this time, and there is no guarantee there will be any recovery.

If you are a Class Member, your rights will be affected by this Action.  If you do not meet the definition of a Class Member, the Notice does not apply to you.  If you are uncertain whether you are a Class Member, contact Class Counsel or your own attorney.

On November 20, 2019 and January 10, 2020, investors filed two federal securities class actions in two United States District Courts alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.  Following dismissal of one of those actions, the Court issued an Order on February 19, 2020, pursuant to the Private Securities Litigation Reform Act of 1995, appointing the Lead Plaintiffs.  In the same Order, the Court approved of Lead Plaintiffs’ selection of Barrack, Rodos & Bacine and Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the Class.

The Operative Class Action Complaint for Violation of the Federal Securities Laws (“Complaint”) was filed on June 15, 2020.  The Complaint alleges that during the period from February 25, 2017, through and including December 3, 2019, Defendants made materially misleading or false representations regarding Energy Transfer’s construction of a 350-mile set of pipeline projects across the Commonwealth of Pennsylvania, consisting of the Mariner East 2 (“ME2”), Mariner East 2X (“ME2X,” and together with ME2, the “Mariner East 2 Pipelines”), and Revolution pipelines.  These concerned:  (i) the Mariner East 2 Pipelines’ and Revolution’s completion status and timelines, and the Mariner East 2 Pipelines’ stated initial throughput; (ii) Energy Transfer’s commitment to safety and regulatory compliance; and (iii) Energy Transfer’s compliance with its Code of Business Conduct and Ethics.  The Complaint asserts that Defendants’ alleged misrepresentations and omissions caused investors to purchase Energy Transfer common units at artificially inflated prices and to suffer damages when the truth was revealed.

On April 6, 2021, the Court granted in part and denied in part Defendants’ motion to dismiss the Action.  The Defendants have denied and continue to deny that they violated the federal securities laws as alleged in the Complaint.

Defendants filed an answer to the Complaint on June 11, 2021.  Defendants deny any wrongdoing in this lawsuit and believe that the claims are without merit.  Among other things, Defendants contend that the statements detailed in the Complaint were not materially false or misleading, that Defendants did not make the statements with the requisite intent to deceive investors, that they did not have a duty to disclose certain information to the public, and that the price of Energy Transfer’s common units was not impacted by the statements and alleged omissions at issue.  Defendants also dispute the extent to which Class Members suffered recoverable losses.

On September 17, 2021, Lead Plaintiffs filed a motion for class certification through which they sought to certify a class of all investors who purchased or otherwise acquired Energy Transfer common units from February 25, 2017, through and including December 3, 2019, and who were damaged as a result of Defendants’ alleged violations of the federal securities laws.  On August 23, 2022, the Court issued an Opinion and Order granting in part and denying in part Lead Plaintiffs’ motion for class certification.  The Court certified a Class as defined in paragraph 1 above.  The Court also appointed Lead Plaintiffs as class representatives and Barrack, Rodos & Bacine and Bernstein Litowitz Berger & Grossmann LLP as Class Counsel.  On October 24, 2022, the United States Court of Appeals for the Third Circuit denied Defendants’ petition for leave to appeal the class certification Order.

The Court has not decided in favor of Lead Plaintiffs or Defendants. Discovery is now closed. On January 19, 2024, Defendants moved for summary judgment and Plaintiffs moved for partial summary judgment. The briefing on both motions was completed on March 29, 2024. A trial date has not yet been set by the Court.

The “Class,” as certified by the Court, consists of:

All persons who purchased or otherwise acquired common units of Energy Transfer LP between February 25, 2017, and November 11, 2019, inclusive (the “Class Period”).

Excluded from the Class are:  (i) Energy Transfer; (ii) any directors or officers of Energy Transfer during the Class Period and members of their immediate families; (iii) the subsidiaries, parents, and affiliates of Energy Transfer; (iv) any firm, trust, corporation, or other entity in which Energy Transfer has or had a controlling interest; and (v) the legal representatives, heirs, successors, and assigns of any such excluded party.

If you purchased or otherwise acquired common units of Energy Transfer during the period from February 25, 2017, through and including November 11, 2019, and you are not excluded from the Class, by definition you are a member of the Class.  If you are a Class Member, you have the right to decide whether to remain a Class Member.  If you choose to remain a Class Member, you do not need to do anything at this time other than to retain your documentation reflecting your transactions and holdings in Energy Transfer common units as discussed in paragraph 13 of the Notice.

You may also choose to exclude yourself from the Class. Please refer to paragraphs 14-16 of the Notice for instructions on how to request exclusion from the Class. The deadline to request exclusion is July 16, 2024.

If you choose to remain a member of the Class, you will be bound by all past, present, and future orders and judgments in the Action, whether favorable or unfavorable.  If any money is awarded to the Class, either through a settlement with Defendants or a judgment of the Court, you may be eligible to receive a share of that award.  If, however, Defendants prevail, you may not pursue a lawsuit on your own behalf with regard to any of the issues or claims arising in the Action.  Please note that if you remain a Class Member, you will not be personally responsible for Class Counsel’s attorneys’ fees or costs.  Class Counsel have agreed to represent the Class on a contingent fee basis, which means that Class Counsel will be awarded fees and expenses only if they succeed in obtaining a recovery from one or more Defendants.  Any attorneys’ fees for Class Counsel will be awarded by the Court from the settlement or judgment, if any, obtained on behalf of the Class.  As a Class Member, you will be represented by Class Counsel.  Alternatively, you may remain a Class Member and elect to be represented by counsel of your own choosing.  If you do retain separate counsel, you will be responsible for that counsel’s fees and expenses and such counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the addresses set forth in paragraph 17 of the Notice on or before July 16, 2024.

If you choose to be excluded from the Class, you will not be bound by any judgment in this Action, nor will you be eligible to share in any recovery that might be obtained in this Action.  However, you will retain the right to individually pursue any legal rights that you may have against any Defendants with respect to the claims asserted in the Action.  Please note, if you decide to exclude yourself from the Class, you may be time-barred from asserting claims covered by the Action by a statute of repose.

If you wish to be excluded from the Class, you must specifically request exclusion in accordance with the following procedures, which are set forth in paragraphs 14-16 of the Notice.  You must send a letter by first-class mail stating that you “request exclusion from the Class in Allegheny County Employees’ Retirement System, et al. v. Energy Transfer LP, et al., Case No. 2:20-cv-00200-GAM.”  You must:  (i) state the name, address, and telephone number of the person or entity requesting exclusion, and, in the case of entities, the name and telephone number of the appropriate contact person; (ii) state the number of units of Energy Transfer common units purchased, otherwise acquired, and/or sold during the period from February 25, 2017, through and including November 11, 2019, as well as the dates, number of units, and prices of each such purchase, acquisition, and/or sale during that time period; and (iii) include a signature of the person or entity requesting exclusion or an authorized representative accompanied by proof of authorization.  You must mail your exclusion request, postmarked by no later than July 16, 2024 to:

Energy Transfer Securities Litigation
c/o JND Legal Administration
P.O. Box 91415
Seattle, WA 98111

You cannot exclude yourself from the Class by telephone or by email, and a request for exclusion shall not be effective unless it contains all of the information called for by this paragraph and is postmarked by the date stated above, or is otherwise accepted by the Court.

If your request for exclusion is effective, you will not be bound by any judgment in this Action, nor will you be eligible to share in any recovery that might be obtained in this Action.

Do not request exclusion from the Class if you wish to participate in this Action as a member of the Class.

As a member of the Class, you will be represented by Class Counsel, who are:

If you want to be represented by your own lawyer, you may hire one at your own expense. If you do retain your own lawyer, such counsel must enter an appearance on your behalf by filing a Notice of Appearance with the Court and mailing it to Class Counsel at the addresses above on or before July 16, 2024.

In order to make sure that you receive any further notices in this Action, you are requested to mail notice of any changes in your address to:

Energy Transfer Securities Litigation
c/o JND Legal Administration
P.O. Box 91415
Seattle, WA 98111
1-844-717-0724

If the Notice was forwarded to you by the postal service, or if it was otherwise sent to you at an address that is not current, you should immediately contact the Notice Administrator, JND Legal Administration, and provide your correct address.  If the Notice Administrator does not have your correct address, you may not receive any future notices that may be disseminated in this Action.

The Notice provides only a summary of the lawsuit and the claims asserted by Lead Plaintiffs.  For more detailed information regarding the Action, you may contact Class Counsel or visit this website.  Complete copies of public pleadings are available for review and copying at the Clerk of the Court’s office located at:  United States District Court for the Eastern District of Pennsylvania, James A. Byrne U.S. Courthouse, 601 Market Street, Philadelphia, PA 19106.  Public pleadings may also be accessed, for a fee, through the Court’s Public Access to Court Electronic Records (PACER) system at https://pacer.uscourts.gov/.

PLEASE DO NOT CALL OR WRITE THE COURT.

If, for the beneficial interest of any person or entity other than yourself, you purchased or otherwise acquired common units of Energy Transfer during the period from February 25, 2017, through and including November 11, 2019, you must—within seven (7) calendar days of receipt of the Notice—either (a) request from the Notice Administrator sufficient copies of the Notice to forward to all such beneficial owners and within seven (7) calendar days of receipt of those Notices forward them to all such beneficial owners; or (b) provide a list of the names, addresses, and, if available, email addresses of all such beneficial owners to the Notice Administrator at Energy Transfer Securities Litigation, c/o JND Legal Administration, P.O. Box 91415, Seattle, WA 98111.  If you choose the first option, you must send a statement to the Notice Administrator confirming that the mailing was made and you must retain your mailing records for use in connection with any further notices that may be provided in this Action.  If you choose the second option, the Notice Administrator will send a copy of the Notice to the beneficial owners.  Upon full and timely compliance with these directions, such nominees may seek reimbursement of their reasonable expenses actually incurred by providing the Notice Administrator with proper documentation supporting the expenses for which reimbursement is sought.  Copies of the Notice may also be obtained from this website or by calling the Notice Administrator toll free at 844-717-0724.