WILMINGTON, Del., Aug 06, 2015
Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a securities fraud class action lawsuit has been filed in the U.S. District Court, Southern District of California, on behalf of investors of Edison International EIX, +1.24% (“Edison” or the “Company”) that held shares between July 31, 2014 and June 24, 2015 (the “Class Period”). If you purchased Edison 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 copy of the complaint is available from the Court or from Andrews & Springer LLC. If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit alleges that Edison made false and misleading statements about the Company’s business, operational and compliance policies. In particular, the complaint alleges that: (i) Edison’s ex parte contacts with the California Public Utilities Commission (“CPUC”) decision makers were more extensive than the Company had reported to CPUC; (ii) that belated disclosure of Edison’s ex parte contacts with CPUC personnel would jeopardize the Company’s $3.3 billion dollar San Onofre Nuclear Generating Station (“SONGS”) Settlement; and (iii) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.
On June 22, 2015, the law firm Strumwasser & Woocher released an independent report commissioned by the CPUC in connection with a review of ex parte meetings between utility lobbyists or executives and CPUC decision makers (the “Strumwasser Report”). The Strumwasser Report described such ex parte meetings as frequent, pervasive, and at least sometimes outcome-determinative, and recommended banning them altogether in rate cases.
On June 24, 2015, the Utility Reform Network (“TURN”) filed an application with the CPUC that charged Edison’s largest subsidiary, Southern California Edison (“SCE”), with fraud by concealment and urged the CPUC to set aside the SONGS Settlement and reopen its investigation.
As a result, Edison executives caused Edison securities to trade at artificially inflated prices by improperly concealing this information.
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 wish to serve as lead plaintiff, you must move the Court no later than September 4, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook – www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.