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LOS ANGELES, Aug. 25, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Portland General Electric Company (NYSE: POR) investors that the firm has initiated an investigation into alleged violations of securities laws, and may file a lawsuit on behalf of investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, including eligibility for appointment as a class representative. Class representatives are appointed by the court to act as a fiduciary on behalf of other injured investors.
The investigation focuses on whether the Company misled investors regarding the Company’s exposure to trading risks and proper oversight trading limits. On August 24, 2020, after the market closed, Portland General Electric announced that it had incurred losses of $127 million as of August 24, 2020 due to certain "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, Portland General Electric 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 share price fell significantly, causing economic harm to investors.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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