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You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of July 19, 2021 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
April 20, 2021 - The court preliminarily approved the settlement.
February 16, 2021 - A stipulation of settlement was filed by the parties.
October 29, 2020 - The court was notified that a settlement in principle had been reached by the parties.
April 17, 2020 - An amended complaint was filed.
October 25, 2019 - An investor in shares of PG&E Corporation (NYSE: PCG) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by PG&E Corporation in connection with certain allegedly false and misleading statements made between December 11, 2018, and October 11, 2019.
On January 29, 2019, PG&E filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Northern District of California. The Chapter 11 petition followed in the wake of multiple high-profile lawsuits against PG&E related to widely publicized and catastrophic wildfire incidents that occurred in California in 2015, 2017, and 2018. The incidents were faulted to PG&E, whose alleged misconduct apparently caused the Company’s equipment to ignite the wildfires. PG&E is facing $30 billion in liabilities in connection with the wildfires.
On October 12, 2019, an article was published 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 reported, among other issues, 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 October 23, 2019, it was reported that as a last resort to prevent additional wildfires PG&E began shutting off power to 179,000 homes and businesses in 17 northern and central California counties.
According to the complaint the plaintiff alleges on behalf of purchasers of PG&E Corporation (NYSE: PCG) common shares between December 11, 2018, and October 11, 2019, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between December 11, 2018, and October 11, 2019, the defendants made false and/or misleading statements and/or failed to disclose 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, that as a result, PG&E was unprepared for the rolling power cuts the Company implemented to minimize wildfire risk, and that as a result, the Company’s public statements were materially false and misleading at all relevant times.