BENSALEM, Pa.–(BUSINESS WIRE)–$PCG–Law Offices of Howard G. Smith announces an investigation on behalf of PG&E Corporation (“PG&E” or the “Company”) (NYSE: PCG) investors concerning the Company and its officers’ possible violations of federal securities laws.
On October 12, 2019, the New York Times published an article reporting on PG&E’s efforts to deal with the rolling power cuts it had implemented in California aimed at minimizing wildfire risk. The article stated, among other things, that “PG&E’s communications and computer systems faltered, and its website went down as customers tried to find out whether they would be cut off or spared.” According to the article, “[a]s the company struggled to tell people what areas would be affected and when chaos and confusion unspooled outside. Roads and businesses went dark without warning, nursing homes and other critical services scrambled to find backup power and even government agencies calling the company were put on hold for hours.”
On this news, the Company’s stock price fell $0.35 per share, or more than 4%, to close at $7.67 per share on October 14, 2019, thereby injuring investors.
On October 23, 2019, media reported that, as a last resort to prevent additional wildfires, PG&E would begin shutting off power to 179,000 homes and businesses in 17 northern and central California counties.
On this news, the Company’s stock price fell $1.00 per share, or more than 12%, to close at $7.20 per share on October 24, 2019, thereby injuring investors further.
If you purchased PG&E securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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