SAN FRANCISCO, Dec. 5, 2018 /PRNewswire/ -- Shareholder and
consumer rights law firm Schubert Jonckheer & Kolbe LLP is
investigating whether certain officers and directors of PG&E
Corporation (NYSE: PCG) breached their fiduciary duties by
repeatedly and systemically failing to adequately oversee fire
risks caused by PG&E's power lines, transmission towers, and
equipment.
The now-contained Butte County "Camp Fire" is the deadliest and
most destructive fire in California history, having ravaged over 240
square miles, destroyed more than 18,000 structures, and claimed at
least 88 lives. On November 13, 2018,
PG&E disclosed in a regulatory filing with the Securities and
Exchange Commission that an outage and damage to a transmission
tower were reported in the area shortly before the fire began on
November 8, 2018. The cause of the
Camp Fire remains under investigation. The Camp Fire occurred
approximately one year after the series of disastrous October 2017 North Bay Fires claimed 44 lives,
destroyed nearly 9,000 buildings, and burned almost 250,000 acres.
The California Department of Forestry and Fire Protection later
determined that PG&E equipment was the source of all of the 17
major North Bay Fires it had investigated and that there was
evidence that PG&E violated state law in 11 of those instances.
The North Bay Fires caused more than $17
billion in estimated damages.
The Camp Fire has devastated California and potentially exposed PG&E to
a wide range of governmental investigations, regulatory
proceedings, lawsuits, and severe harm. Since the Camp Fire began,
PG&E's stock price has tumbled over $20 per share, closing at $26.10 on December 3,
2018.
PG&E shareholders have the option to pursue
a shareholder-derivative action through which they may hold
insider wrongdoers accountable for their actions, prevent future
misconduct, and return long-term value back to the company.
If you currently own PG&E stock and wish to obtain
additional information about our investigation and your legal
rights, please contact Dustin
Schubert by email at dschubert@sjk.law, by telephone at
(415) 788-4220, or fill out the form on our website at
http://www.classactionlawyers.com/campfire.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe LLP has extensive experience in
prosecuting securities claims, representing investors throughout
the nation in securities and shareholder lawsuits. Attorney
advertising. Prior results do not guarantee similar outcomes.
View original
content:http://www.prnewswire.com/news-releases/pges-officers-and-directors-under-investigation-by-schubert-jonckheer--kolbe-llp-for-november-2018-camp-fire-300760401.html
SOURCE Schubert Jonckheer & Kolbe LLP