Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Southern District of California against Edison International, Inc. (“Edison”) (NYSE: EIX) and several officers and directors for acts taken during the period of July 31, 2014 and June 24, 2015 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Edison. If you are an affected Edison shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com, Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com, or call toll free at (877) 728-9607. There is no cost or fee to you.

The California Public Utilities Commission (“CPUC”) launched an investigation in October 2012 related to the closure of two reactor units at a large Southern California nuclear power plant (San Onofre) owned by Edison’s largest subsidiary, Southern California Edison (“SCE”). In November 2014, Edison entered into a settlement agreement for $3.3 billion providing that it would refund customers for excess charges incurred to support the two closed units.

According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that Edison failed to disclose that its ex parte contacts with the CPUC decision makers were more extensive than Edison had reported to CPUC, and that this delayed disclosure would jeopardize the settlement. The complaint alleges that SCE submitted a notice to the CPUC on February 9, 2015 disclosing that a previously unreported ex parte contact took place during the time of the San Onofre settlement negotiations. The notice indicates that Stephen Pickett, then an executive vice president at SCE, and Michael Peevey, then president of the CPUC, discussed the future of San Onofre and a potential resolution of the investigation at an industry conference on March 26, 2013. Edison’s failure to timely report the ex parte meeting represented a possible violation of CPUC rules governing ex parte contact between CPUC decision makers and interested parties.

The complaint also alleges that, prompted by SCE’s delayed disclosure and growing public criticism of the relationship between the CPUC and California’s utilities, the CPUC ordered SCE to turn over additional communications regarding the San Onofre settlement negotiations. After reviewing the documents turned over by SCE, an attorney for the Utility Reform Network (“TURN”) stated that the documents showed “a number of unreported ex parte contacts and that Edison violated the rules by not reporting those communications.”

An article published on May 4, 2015 by SFGate reported that SCE’s newly released documents revealed a previously unreported May 2014 meeting between Michael Peevey and SCE executives, at which the parties discussed donating millions of dollars to a UCLA institute at which Michael Peevey held an advisory post. On June 22, 2015, Strumwasser & Woocher released an independent report commissioned by the CPUC describing such ex parte meetings as “frequent, pervasive, and at least sometimes outcome-determinative” and recommending banning them altogether in rate cases. On June 24, 2015, TURN filed an application with the CPUC that charged SCE with “fraud by concealment” and urged the CPUC to set aside the settlement and reopen its investigation. According to the complaint, Edison stock dropped significantly immediately following this series of announcements.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.

The Briscoe Law Firm, PLLCWillie Briscoe, 877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor LLPPatrick Powers, 877-728-9607shareholder@powerstaylor.com

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