On or around 05/28/2019 (Ongoing date of last review)
Filing Date: June 12, 2018
According to the Complaint, PG&E 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.
Company & Securities Information
Defendant: PG&E Corporation
Industry: Electric Utilities
Headquarters: United States
Ticker Symbol: PCG
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
David C. Weston, et al. v. PG&E Corporation, et al.
COURT: N.D. California
DOCKET #: 18-CV-03509
JUDGE: Hon. Richard Seeborg
DATE FILED: 06/12/2018
CLASS PERIOD START: 04/29/2015
CLASS PERIOD END: 06/08/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Levi & Korsinsky (San Francisco)
First Identified Complaint (FIC) Filings:
Complaint for Violation of Federal Securities Laws
Stipulation and Order to Relate Cases Pursuant to Civil Local Rules 3-12 and 7-11
Related Case Order
Stipulation and Order to Relate Cases
Order Granting Motion for Consolidation, Appointment as Lead Plaintiff and Approval of Selection of Lead Counsel as Modified by the Court