NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of investors that purchased PG&E Corporation (NYSE: PCG) securities between December 11, 2018 and October 11, 2019 (the “Class Period”). Investors have until December 23, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On October 12, 2019, the New York Times published an article 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 this news, PG&E’s stock price fell $0.35 per share, or 4.36%, to close at $7.67 per share on October 14, 2019.
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.
On this news, PG&E’s stock price fell $1.00 per share, or 12.2%, to close at $7.20 on October 24, 2019.
The complaint, filed on October 25, 2019, alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) PG&E’s purportedly enhanced wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; (ii) as a result, PG&E was unprepared for the rolling power cuts the Company implemented to minimize wildfire risk; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased PG&E securities during the Class Period, continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.