NEW YORK, Sept. 15, 2020 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of those who acquired Portland General Electric Company (“PGE” or the “Company”) (NYSE: POR) securities during the period from April 24, 2020 through August 24, 2020 (the “Class Period”). Investors have until November 2, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 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, the Company 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 from $41.96 to close at $38.45 per share on August 24, 2020, a drop of $3.51 per share, thereby injuring investors. Defendants failed to disclose to investors: (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.
If you acquired PGE securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com
www.kmllp.com