LOS ANGELES, Nov. 15, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 24, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of PG&E Corporation (“PG&E” or the “Company”) (NYSE: PCG) purchased PG&E securities between December 11, 2018 and October 11, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On October 12, 2019, the New York Times published an article reporting on PG&E's efforts to deal with the rolling power cuts it had implemented in California aimed at minimizing wildfire risk. The article stated, among other things, that "PG&E's communications and computer systems faltered, and its website went down as customers tried to find out whether they would be cut off or spared." According to the article, "[a]s the company struggled to tell people what areas would be affected and when chaos and confusion unspooled outside. Roads and businesses went dark without warning, nursing homes and other critical services scrambled to find backup power and even government agencies calling the company were put on hold for hours."
On this news, the Company’s stock price fell $0.35 per share, or more than 4%, to close at $7.67 per share on October 14, 2019, thereby injuring investors.
On October 23, 2019, media reported that, as a last resort to prevent additional wildfires, PG&E would begin shutting off power to 179,000 homes and businesses in 17 northern and central California counties.
On this news, the Company’s stock price fell $1.00 per share, or more than 12%, to close at $7.20 per share on October 24, 2019, thereby injuring investors further.
The complaint filed in this class action 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, Defendants failed to disclose to investors: (1) that PG&E's purportedly enhanced wildfire prevention and safety protocols and procedures were inadequate to meet the challenges for which they were ostensibly designed; (2) that, as a result, PG&E was unprepared for the rolling power cuts the Company implemented to minimize wildfire risk; and (3) that, as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired PG&E securities within the Class Period, you may move the Court no later than December 24, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com