Haeggquist & Eck investigates possible securities fraud violations by the board of directors of PG&E
October 16 2017 - 10:35PM
Business Wire
Haeggquist & Eck, LLP a shareholder rights litigation firm,
has launched an investigation of PG&E Corporation (“PG&E”
or the “Company) (NYSE: PCG) concerning possible violations of the
federal securities laws or breach of fiduciary duty by the board of
directors. If you own PG&E stock and would like more
information, please contact attorney Amber Eck at 619-342-8000 or
ambere@haelaw.com.
PG&E filed an 8-K with the Securities and Exchange
Commission on October 13, 2017 showing that PG&E could face
liability for the Northern California wildfires that killed at
least 40 people last week and destroyed at least 5,700 homes and
other structures. PG&E announced in the 8-K that its
subsidiary, Pacific Gas and Electric Company, was being
investigated by the California Department of Forestry and Fire
Protection (“Cal Fire”) for any role their downed power lines and
other facilities may have played in the fires.
According to the SEC filing, PG&E has “$800 million in
liability insurance for potential losses that may result from these
fires. If the amount of insurance is insufficient to cover the
Utility’s liability or if insurance is otherwise unavailable,
PG&E Corporation’s and the Utility’s financial condition or
results of operations could be materially affected.” Some estimate
the fires’ damage to range from $8 billion to $12.2 billion.
PG&E’s stock price plummeted, eliminating almost $6 billion
of PG&E’s market value last week, and dropping nearly 7% today,
October 16, 2017.
The California Public Utilities Commission is conducting a
preliminary review of PG&E’s possible role in the wine country
fires, PUC spokesperson Christopher Chow announced today. Last
week, the PUC demanded that PG&E preserve all physical,
electronic and other document-related evidence related to potential
causes of the fires.
PG&E Shareholders Have Legal Options
If you wish to discuss this investigation, or have questions
about this notice or your legal rights, please contact attorney
Amber Eck at 619-342-8000, ambere@haelaw.com.
Haeggquist & Eck, LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual investors in
shareholder derivative lawsuits, and members of the firm have
helped shareholders recover more than $1 billion of value for
themselves and the companies in which they have invested.
This release constitutes attorney advertising. Past results do
not guarantee a similar outcome.
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Haeggquist & Eck, LLPAmber Eck,
619-342-8000ambere@haelaw.com
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