January 11, 2021 - An amended consolidated complaint was filed.

September 3, 2020 - An investor in shares of Portland General Electric Company (NYSE: POR) filed a lawsuit in the U.S. District Court for the District of Oregon over alleged violations of Federal Securities Laws by Portland General Electric Company in connection with certain allegedly false and misleading statements made between April 24, 2020 and August 24, 2020.

Portland, OR based Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. Portland General Electric Company reported that its annual Total Revenue rose from $1.94 billion in 2018 to over $2.05 billion in 2019, and that its Net Income increased from $212 million in 2018 to $214 million in 2019.

Portland General Electric admitted on August 24, 2020, that it had suffered losses of $127 million due to energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company. The Company also disclosed that it had formed a Special Committee to review the energy trading that led to the losses and the Company's procedures and controls related to the trading. Based on this news, shares of Portland General Electric fell by more than 8% on August 25, 2020. Shares of Portland General Electric Company (NYSE: POR) declined from $445.83 per share on July 31, 2020, to as low as $36.00 per share on August 25, 2020.

According to the complaint the plaintiff alleges on behalf of purchasers of Portland General Electric Company (NYSE: POR) common shares between April 24, 2020 and August 24, 2020, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between April 24, 2020 and August 24, 2020, the Defendants failed to disclose to investors that PGE lacked effective internal controls over its energy trading practices, 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, that, as a result, the Company was reasonably likely to incur significant losses, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and