NEW YORK, NY - (NewMediaWire) - September 04, 2020 - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Portland General Electric Company (“PGE” or the “Company”) (NYSE:POR) of the November 2, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in PGE stock or options between April 24, 2020 and August 24, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/POR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of all those who purchased Portland General Electric securities between April 24, 2020 and August 24, 2020 (the “Class Period”). The case, Hessell v. Portland General Electric Company, et al., No. 3:20-cv-01523 was filed on September 3, 2020 and has been assigned to Judge Michael H. Simon.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that PGE lacked effective internal controls over its energy trading practices; (2) that PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3) that, as a result, the Company was reasonably likely to incur significant losses; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On August 24, 2020, after the market closed, PGE announced that it had incurred losses of $ 127 million as of August 24, 2020. PGE further stated that "PGE personnel entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company." In addition, PGE announced that it had formed a Special Committee "to review the energy trading that led to the losses and the Company' s procedures and controls related to the trading."
On this news, the Company's stock price fell from $41.96 per share on August 24, 2020 to $38.45 per share on August 25, 2020: a $3.51 or 8.37% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Portland General Electric’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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