NEW YORK, Jan. 02, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Edison International ("Edison" or the "Company") (NYSE: EIX ) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Edison securities between February 23, 2016 through November 12, 2018, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/eix.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the Company failed to maintain electricity transmission and distribution networks in compliance with safety requirements and regulations promulgated under state law; (2) consequently, the Company was in violation of state law and regulations; (3) the Company’s noncompliant electricity networks created a significantly heightened risk of wildfires in California; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 8, 2018, two wildfires started in Southern California, designated the Hill Fire and the Woolsey Fire. The Hill Fire, which broke out in Ventura County, subsequently grew to 4,531 acres, according to the California Department of Forestry and Fire Protection (“Cal Fire”). Stretching from Los Angeles County to Ventura County, the Woolsey Fire burned 93,662 acres, including 83 percent of all National Parks Service land in the Santa Monica Mountains National Recreation Area, according to Cal Fire.
On November 12, 2018, the California Public Utilities Commission (“CPUC”) launched an investigation into Edison’s subsidiary SCE, in order to “assess the compliance of electrical facilities with applicable rules and regulations in fire-impacted areas.” According to CPUC, electrical infrastructure may have suffered malfunctions near ground zero of the blazes. Specifically, it was reported that on the day the fires began SCE issued an alert to the CPUC that a substation circuit near the Woolsey Fire origin "relayed," or sensed a disturbance on the circuit, just two minutes before Cal Fire said that the devastating fire began.
Following CPUC’s announcement, Edison International’s stock price fell $7.44 per share, or more than 12%, to close at $53.56 per share on November 12, 2018. Over the following days, as the Hill and Woolsey Fires continued to burn, Edison International’s stock price continued to fall, closing at $47.19 on November 15, 2018, a total drop of 32% from its price prior to CPUC’s announcement.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: bgandg.com/eix or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Edison you have until January 15, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
