LOS ANGELES, Sept. 25, 2020 /PRNewswire/ — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 2, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Portland General Electric Company (“PGE” or the “Company”) (NYSE: POR) securities between April 24, 2020 and August 24, 2020, inclusive (the “Class Period”).
If you suffered a loss on your PGE investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/portland-general-electric-company/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
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 $3.51, or nearly 8%, to close at $38.45 per share on August 24, 2020, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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.
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If you purchased or otherwise acquired PGE securities during the Class Period, you may move the Court no later than November 2, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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SOURCE Glancy Prongay & Murray LLP