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Case Status:    SETTLED
On or around 03/28/2022 (Date of order of final judgment)

Filing Date: September 03, 2020

According to the Complaint, Portland General Electric Company is an electric utility that engages in the generation, transmission, distribution, and retail sale of electricity in the state of Oregon. The Company also participates in wholesale markets by purchasing and selling electricity and natural gas to meet the needs of its retail customers.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that PGE lacked effective internal controls over its energy trading practices; (2) that PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3) that, as a result, the Company was reasonably likely to incur significant losses; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

This case was voluntarily dismissed on October 29, 2020. A related case continues under Docket 20-CV-01583. On November 10, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-01583.

Lead Plaintiff filed an amended consolidated Complaint on January 11, 2021. On July 11, 2021, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on August 10. On March 22, 2022, the Court approved the Motion for Attorneys' Fees and Expenses. On March 25, the Court granted final approval of the Settlement and entered Final Judgment. Due to a clerical error, a corrected Judgment and Order of Dismissal was issued on March 28.

On March 6, 2024, the Court authorized distribution of the net Settlement fund.

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