According to the Complaint, PG&E Corporation was incorporated in California in 1995 as a holding company whose primary operating subsidiary is Pacific Gas and Electric, a public utility operating in northern and central California. The Company generates revenues mainly through the sale and delivery of electricity and natural gas to customers.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that (i) PG&E had failed to maintain electricity transmission and distribution networks in compliance with safety requirements and regulations promulgated under state law; (ii) consequently, PG&E was in violation of state law regulation; (iii) PG&E’s electricity networks would cause numerous wildfires in California; and (iv) as a result of the foregoing, Defendants’ statements about the Company’s business and operations were materially false and misleading at all relevant times.

On September 10, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be captioned "In re PG&E Corporation Securities Litigation." Lead Plaintiff filed a consolidated Complaint on November 9. On December 14, Lead Plaintiff filed a second amended consolidated Complaint. On February 1, 2019, Defendant filed a Notice of Pendency of Bankruptcy and automatic Stay of proceedings. The Court issued an Order consolidating cases on May 7. Lead Plaintiff filed a third amended consolidated Complaint on May 28.

On September 30, 2022, the Court stayed the case pending the conclusion of bankruptcy proceedings. Lead Plaintiff filed a notice appealing the Order staying the case on October 31. On May 3, 2024, the Court of Appeals vacated the District Court's Order staying the case and remanded the case to the District Court.