SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Edison Internat...
July 20 2015 - 2:21PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Southern
District of California on behalf of purchasers of Edison
International (“Edison” or the “Company”) (NYSE: EIX) securities
during the period between July 31, 2014 and June 24, 2015,
inclusive (the “Class Period”). Investors who wish to become
proactively involved in the litigation have until September 4, 2015
to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Edison securities
purchased on or after July 31, 2014 and held through the revelation
of negative information during and/or at the end of the Class
Period, as described below, and would like to learn more about this
lawsuit and your ability to participate as a lead plaintiff,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentsecuritiescases.html. You may
also request more information by contacting Brower Piven either by
email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
No class has yet been certified in the above action. Members of the
Class will be represented by the lead plaintiff and counsel chosen
by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company securities during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that Edison’s ex parte
contacts with the California Public Utilities Commission (“CPUC”)
decision makers were more extensive than the Company had reported
to CPUC, and that belated disclosure of Edison’s ex parte contacts
with CPUC personnel would jeopardize the Company’s $3.3 billion
dollar San Onofre Nuclear Generating Station (“SONGS”) Settlement.
According to the complaint, on February 9, 2015, Southern
California Edison (“SCE”) submitted a notice to the CPUC disclosing
that a previously unreported ex parte contact between Stephen
Pickett (“Pickett”), then an executive vice president at SCE, and
Michael Peevey (“Peevey”), then president of the CPUC, had occurred
at an industry conference on March 26, 2013; at that time the SONGS
Settlement negotiations were ongoing, and Pickett and Peevey’s
conversation concerned the future of SONGS and a possible
resolution of the CPUC’s investigation; pursuant to the CPUC’s
rules, the Company’s failure to timely report the ex parte meeting
between Pickett and Peevey represented a possible violation of CPUC
rules governing ex parte contact between CPUC decision makers and
interested parties. Also according the complaint, prompted by SCE’s
belated disclosure and amidst growing public criticism of the
relationship between the CPUC and California’s utilities, the CPUC
ordered SCE to turn over additional communications regarding the
SONGS Settlement’s negotiation; on April 29, 2015, SCE duly
complied. After reviewing the additional SCE documents, 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.” Further,
the complaint alleges that following an article published on May 4,
2015 by SFGate that reported that SCE’s newly released
documents revealed a previously unreported May 2014 meeting between
Peevey and SCE executives, at which the parties discussed donating
millions of dollars to a UCLA institute at which Peevey held an
advisory post, and following the June 22, 2015 release by the law
firm Strumwasser & Woocher of an independent report
commissioned by the CPUC (the “Strumwasser Report”) describing such
ex parte meetings as “frequent, pervasive, and at least sometimes
outcome-determinative” and recommending banning them altogether in
rate cases, and following TURN’s June 24, 2015 filing, in response
to the Strumwasser Report and SCE’s earlier disclosures, of an
application with the CPUC that charged SCE with “fraud by
concealment” and urged the CPUC to set aside the SONGS Settlement
and reopen its investigation, the value of Edison shares declined
substantially.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
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version on businesswire.com: http://www.businesswire.com/news/home/20150720006253/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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