According to the Complaint, PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California in the United States.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges 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.

On February 3, 2020, the Court issued an Order appointing Co-Lead Plaintiffs and Counsel. Co-Lead Plaintiffs filed an amended Complaint on April 17. On October 29, the parties notified the Court that they had reached a Settlement in Principle. The parties entered into a Stipulation and Agreement of Settlement on February 14, 2021. The Court granted preliminary approval of the Settlement on April 20. On November 5, the Court granted final approval of the Settlement and on November 17, the Court entered final judgment.

On December 7, 2022, the Court issued an Order authorizing disbursement of the class Settlement funds.