A lawsuit was filed on behalf of investors in Edison International (NYSE: EIX) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 12/04/2018 -- An investor, who purchased shares of Edison International (NYSE: EIX), filed a lawsuit over alleged violations of Federal Securities Laws by Edison International in connection with certain allegedly false and misleading statements.
Investors in shares of Edison International (NYSE: EIX) have certain options and for certain investors are short and strict deadlines running. Deadline: January 15, 2019. NYSE: EIX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that between February 23, 2016 and November 12, 2018, the defendants made false and/or misleading statements and/or failed to disclose that the Company failed to maintain electricity transmission and distribution networks in compliance with safety requirements and regulations promulgated under state law, that consequently, the Company was in violation of state law and regulations, that the Company's noncompliant electricity networks created a significantly heightened risk of wildfires in California, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
On November 8, 2018, two wildfires started in Southern California, designated the Hill Fire and the Woolsey Fire. The Hill Fire, which broke out in Ventura County, subsequently grew to 4,531 acres, according to the California Department of Forestry and Fire Protection ("Cal Fire"). Stretching from Los Angeles County to Ventura County, the Woolsey Fire burned 93,662 acres, including 83 percent of all National Parks Service land in the Santa Monica Mountains National Recreation Area, according to Cal Fire.
On November 12, 2018, the California Public Utilities Commission ("CPUC") launched an investigation into Edison International's subsidiary Southern California Edison Company, in order to "assess the compliance of electrical facilities with applicable rules and regulations in fire-impacted areas." According to CPUC, electrical infrastructure may have suffered malfunctions near ground zero of the blazes. Specifically, it was reported that on the day the fires began Southern California Edison Company issued an alert to the CPUC that a substation circuit near the Woolsey Fire origin "relayed," or sensed a disturbance on the circuit, just two minutes before Cal Fire said that the devastating fire began.
Those who purchased shares of Edison International (NYSE: EIX) have certain options and should contact the Shareholders Foundation.
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