Notice to Edison International Employees: Zamansky LLC Investigates The Edison 401(k) Savings Plan for Possible ERISA Violati...
September 18 2015 - 5:01PM
Business Wire
Zamansky LLC announces its investigation of Edison International
Inc. (NYSE: EIX)(“Edison”) and the Edison 401(k) Savings Plan (the
“Plan”) for possible violations of the federal Employee Retirement
Securities Act of 1974 (“ERISA”). ERISA imposes fiduciary duties to
prudently manage and invest the assets of the Plan. These duties
were potentially violated by Edison’s continued offering of its
company stock while it allegedly knew that the stock price was
artificially inflated.
On July 6, 2015, a securities fraud complaint was filed against
Edison and two officers in U.S. District Court, Southern District
of California, 15-CV-1478. The complaint alleges that Edison’s
stock price was artificially inflated from July 31, 2014, through
June 24, 2015, from material non-disclosure about problems with its
$3.3 billion “SONGS” settlement between Edison’s subsidiary,
Southern California Edison, and the California Public Utility
Commission (“CPUC”). The “SONGS” settlement relates to SCE’s
allegedly over-billing of utility customers for the costs of
closing its San Onofre Nuclear Generating Station in 2012.
The complaint alleges that Edison and its two officers knew that
SONGS settlement was suspect and potentially void due to extensive
illegal ex parte negotiations with the CPUC. Edison’s settlement of
the SONGS issue had removed uncertainty about the company’s stock
price and led to its growth. The revelations that the SONGS
settlement was not fully approved and may possibly be overturned
because of the ex parte negotiations resulted in large declines in
the stock price. Edison’s stock price is trading down at least 20%
this year.
According to employee stock fraud attorney, Jake Zamansky,
Edison’s existing and former employees who purchased and held
company stock through the 401(k) Savings Plan since at least May
2013, may have suffered damage and losses to their retirement
savings. The allegations of Edison’s possible securities fraud
raise serious issues for Edison employees whose retirement plans
held company stock, including questions about the prudent
monitoring and oversight by the Plan’s fiduciaries under ERISA, he
states.
What Existing and Former Edison Employees Can Do
If you are an existing or former Edison employee who purchased
or held company stock through the Edison 401(k) Savings Plan,
please contact our firm for an evaluation of your rights. You can
contact Jake Zamansky by telephone at (212) 742-1414 or by email at
jake@zamansky.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in
securities fraud, ERISA and employment class actions. We are
investment fraud attorneys who represent both individual and
institutional investors. Our practice is nationally recognized for
our ability to aggressively prosecute cases and recover investment
losses.
To learn more about Zamansky LLC, please visit our website,
http://www.zamansky.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150918005638/en/
Zamansky LLCJake Zamansky,
212-742-1414jake(at)zamansky(dot)com
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