A lawsuit was filed on behalf of investors in PG&E Corporation (NYSE: PCG) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/15/2019 -- An investor, who purchased shares of PG&E Corporation (NYSE: PCG), filed a lawsuit over alleged violations of Federal Securities Laws by PG&E Corporation in connection with certain allegedly false and misleading statements made between December 11, 2018, and October 11, 2019.
Investors who purchased shares of PG&E Corporation (NYSE: PCG) have certain options and for certain investors are short and strict deadlines running. Deadline: December 24, 2019.NYSE: PCG investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On January 29, 2019, PG&E filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of California. The Chapter 11 petition followed in the wake of multiple high-profile lawsuits against PG&E related to widely publicized and catastrophic wildfire incidents that occurred in California in 2015, 2017, and 2018. The incidents were faulted to PG&E, whose alleged misconduct apparently caused the Company's equipment to ignite the wildfires. PG&E is facing $30 billion in liabilities in connection with the wildfires.
On October 12, 2019, an article was published reporting on PG&E's efforts to deal with the rolling power cuts it had implemented in California aimed at minimizing wildfire risk. The article reported, among other issues, that "PG&E's communications and computer systems faltered, and its website went down as customers tried to find out whether they would be cut off or spared." According to the article, "[a]s the company struggled to tell people what areas would be affected and when chaos and confusion unspooled outside. Roads and businesses went dark without warning, nursing homes and other critical services scrambled to find backup power and even government agencies calling the company were put on hold for hours."
On October 23, 2019, it was reported that as a last resort to prevent additional wildfires PG&E began shutting off power to 179,000 homes and businesses in 17 northern and central California counties.
The plaintiff claims that between December 11, 2018, and October 11, 2019, the defendants made false and/or misleading statements and/or failed to disclose that PG&E's purportedly enhanced wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed, that as a result, PG&E was unprepared for the rolling power cuts the Company implemented to minimize wildfire risk, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of PG&E Corporation (NYSE: PCG) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.