NEW YORK, July 7, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that a class action has been commenced
in the United States District Court for the Southern District of
California on behalf of purchasers
(the "Class") of Edison International ("Edison" or the "Company") (NYSE: EIX)
securities between July 31, 2014 and
June 24, 2015 (the "Class Period")
alleging violations of the Securities Exchange Act of 1934 against
the Company and certain of its officers (the "Complaint").
Edison, through its
subsidiaries, generates and supplies electricity. Southern
California Edison ("SCE") is Edison's largest subsidiary. SCE is
regulated by the California Public Utilities Commission (the
"CPUC").
In October 2012, the CPUC began
investigating the closure of two reactor units of the San Onofre
Nuclear Generating Station ("SONGS"), a nuclear power plant in
Southern California owned and
operated by SCE. Following this investigation, Edison reached a $3.3
billion settlement, pursuant to which Edison would refund customers for excess
charges they had incurred to support the SONGS units after they
were taken offline and never returned to service.
The Complaint alleges that during the Class Period, Edison made materially false and misleading
statements regarding the Company's business, operational and
compliance policies. Specifically, defendants made false
and/or misleading statements and/or failed to disclose that: (i)
Edison's ex parte contacts with
CPUC decision makers were more extensive than the Company had
reported to CPUC; (ii) that belated disclosure of Edison's ex parte contacts with CPUC personnel
would jeopardize the Company's $3.3
billion SONGS settlement; and (iii) as a result of the
above, the Company's financial statements were materially false and
misleading at all relevant times.
On May 4, 2015, a SFGate
article reported that SCE documents revealed a previously
unreported May 2014 meeting between
CPUC and SCE executives, at which the parties discussed donating
millions of dollars to a UCLA institute
where a CPUC executive was an advisor.
On this news, Edison shares
declined $2.87 per share over two
days of trading to close at $59.60 on
May 6, 2015.
On June 24, 2015, in response to a
report released by Strumwasser & Woocher on June 22, 2015 which described the ex parte
meetings as "frequent, pervasive, and sometimes
outcome-determinative," the Utility Reform Network recommended SCE
be charged with "fraud by concealment" and urged the CPUC to set
aside the SONGS settlement and reopen its investigation.
On this news, Edison shares
declined $1.56 per share to close at
$56.07 on June
24, 2015.
Plaintiffs seek to recover damages on behalf of all Class
members who purchased Edison
securities during the Class Period. If you purchased
Edison securities as described
above, and either lost money on the transaction or still hold the
security, you may wish to join in this action to serve as lead
plaintiff. In order to do so, you must meet certain
requirements set forth in the applicable law and file appropriate
papers no later than September 4,
2015.
A "lead plaintiff" is a representative party that acts on behalf
of other class members in directing the litigation. In order
to be appointed lead plaintiff, the court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an
Edison shareholder and/or have
information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or
seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
You can obtain a copy of the complaint from the clerk of the
court for the United States District Court for the Southern
District of California.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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