Faruqi & Faruqi, LLP’s national practice focuses on complex civil litigation. The firm practices in the areas of Securities, Merger & Transactional, Shareholder Derivative, Antitrust, Consumer Class Action, and Wage & Hour litigation.
Wednesday, July 8, 2015
Faruqi & Faruqi Alert: Edison International
Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Edison International to Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Edison International (“Edison” or the “Company”) (NYSE:EIX) of the September 4, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers. The lawsuit has been filed in the United States District Court for the Southern District of California, on behalf of a class consisting of all persons or entities who purchased Edison securities between July 31, 2014 and June 24, 2015 (the “Class Period”).
The complaint focuses on whether the Company and its executives violated federal securities laws. On February 9, 2015, Southern California Edison (“SCE”), the largest subsidiary of Edison International, submitted a notice to the California Public Utilities Commission (“CPUC”) in which the Company disclosed formerly unreported ex parte contact between Michael Peevey, former president of the CPUC, and Stephen Pickett, a former executive vice president at SCE. The Company’s failure to timely report this ex parte meeting was investigated for possible violations of CPUC rules. Documents released from the investigation revealed that the March 26, 2013 meeting concerned the SONGS Settlement negotiations and their investigation by CPUC.
According to an article published on May 4, 2015 by SFGate, the aforementioned ex parte contact was not the only previously unreported ex parte meeting between Michael Peevey and SCE executives. The article disclosed that on May 2014, the parties discussed donating millions of dollars to a UCLA institute at which Peevey held an advisory post.
After the publication of this article, shares of the Company dropped $2.87 per share over two days of trading, or roughly 3.75%, to close at $59.60 on May 6, 2015.
Then, on June 24, 2015, in response to the an independent report commissioned by the CPUC which described the Company’s ex parte meetings as “frequent, pervasive, and at least sometimes outcome-determinative,” The Utility Reform Network filed 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.
On this news, shares of Edison declined $1.56 per share or over 2.70%, to close at $56.07 on June 24, 2015.
If you invested in Edison stock or options between July 31, 2014 and June 24, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Edison’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.