SECURITIES FRAUD ALERT: The Law Firm of Andrews & Springer LLC Announces That A Securities Fraud Class Action Has Been Filed ...
August 17 2015 - 8:13AM
Business Wire
Andrews & Springer LLC, a boutique securities class
action law firm focused on representing shareholders nationwide,
announced today that a securities fraud class action lawsuit has
been filed in the U.S. District Court, Southern District of
California, on behalf of investors of Edison International (NYSE:
EIX) (“Edison” or the “Company”) that held shares between July 31,
2014 and June 24, 2015 (the “Class Period”). If you purchased
Edison securities during the Class Period, you may, no later than
September 4, 2015, request that the Court appoint you lead
plaintiff of the proposed class.
A copy of the complaint is available from the Court or from
Andrews & Springer LLC. If you would like to join the class
action, please visit our website or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
https://www.linkedin.com/company/andrews-&-springer-llc,
Twitter – www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that Edison made false and misleading
statements about the Company's business, operational and compliance
policies. In particular, the complaint alleges that: (i) Edison’s
ex parte contacts with California Public Utilities Commission
(“CPUC”) decision makers were more extensive than the Company had
reported to CPUC; (ii) that belated disclosure of Edison’s ex parte
contacts with the CPUC personnel would jeopardize the Company’s
$3.3 billion dollar San Onofre Nuclear Generating Station (“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 June 22, 2015, the law firm Strumwasser & Woocher
released an independent report commissioned by the CPUC in
connection with a review of ex parte meetings between utility
lobbyists or executives and CPUC decision makers (the “Strumwasser
Report”). The Strumwasser Report described such ex parte meetings
as frequent, pervasive, and at least sometimes
outcome-determinative, and recommended banning them altogether in
rate cases.
On June 24, 2015, the Utility Reform Network (“TURN”) filed an
application with the CPUC that charged Edison’s largest subsidiary,
Southern California Edison (“SCE”), with fraud by concealment and
urged the CPUC to set aside the SONGS Settlement and reopen its
investigation.
As a result, Edison executives caused Edison securities to trade
at artificially inflated prices by improperly concealing this
information.
On this news, shares of Edison declined $1.56 per share or over
2.70%, to close at $56.07 on June 24, 2015.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150817005007/en/
Andrews & Springer LLCCraig J. Springer, Esq.Toll Free:
1-800-423-6013cspringer@andrewsspringer.com
Edison (NYSE:EIX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Edison (NYSE:EIX)
Historical Stock Chart
From Apr 2023 to Apr 2024