The investigation concerns whether PG&E and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 9, 2018, Bloomberg published an article entitled “PG&E May Face Criminal Charges After Probe of Deadly Wildfires.” The article reported, in part, that following an investigation into the causes of wildfires “that altogether killed 44 people, consumed thousands of homes and racked up an estimated $10 billion in damages” in October 2017, California’s fire agency “found evidence of alleged violations of law by PG&E in connection with” the fires. Specifically, the state’s investigation found “that PG&E equipment caused at least 12 of the wine country blazes.”
Following this news, PG&E’s share price fell $1.69, or 4.08%, to close at $39.76 on June 11, 2018, the following trading day.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP
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