NEW YORK and SAN DIEGO, July 13, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of a class of investors who purchased securities on the open market of Edison International, Inc. (“Edison” or the “Company”) (NYSE:EIX) between July 31, 2014 and June 24, 2015, inclusive. Wolf Haldenstein encourages all shareholders who suffered losses on securities purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
In addition, Wolf Haldenstein is also investigating potential derivative claims against the Board of Directors of Edison concerning whether the Board breached its fiduciary duties to shareholders, and encourages all current shareholders to contact us.
Edison is a utility company supplying and generating electricity, primarily through its largest subsidiary, Southern California Edison ("SCE"). SCE is regulated by the California Public Utilities Commission (the "Commission" or “CPUC”).
In October 2012, the Commission commenced an investigation into the closure of two reactor units at a large Southern California nuclear power plant owned by SCE. In order to resolve the Commission's investigation, Edison entered a settlement agreement in November 2014 for $3.3 billion providing that it would refund customers for excess charges incurred to support the two closed reactor units.
According to recent reports, evidence has emerged suggesting that the San Onofre settlement was created during a secret meeting in Warsaw, Poland between former PUC President Michael Peevey and an Edison executive. Notes from this meeting are the subject of state and federal criminal investigations into possible favoritism of utility executives by the regulators that oversee them. On June 24, 2015, the Utility Reform Network—the San Francisco consumer group that helped broker this deal—stated that it no longer supports the agreement and recommends the settlement be thrown out.
If you purchased Edison International 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 lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Edison Investigation.”
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