NEW YORK, July 24, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Edison International (“Edison” or the “Company”) (NYSE:EIX) and certain of its officers. The class action, filed in United States District Court, Southern District of California, and docketed under 15-cv-01478, is on behalf of a class consisting of all persons or entities who purchased Edison securities between July 31, 2014 and June 24, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Edison securities during the Class Period, you have until September 4, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Edison International, through its subsidiaries, generates and supplies electricity. The company generates electricity through hydroelectric, diesel, natural gas, nuclear, and photovoltaic sources. It supplies electricity primarily to commercial, residential, agricultural and other, industrial, and public authorities through transmission and distribution networks.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Edison’s ex parte contacts with 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 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 February 9, 2015, SCE submitted a notice to the CPUC disclosing that a previously unreported ex parte contact between Stephen Pickett (“Pickett”), then an executive vice president at SCE, and Michael Peevey (“Peevey”), then president of the CPUC, had occurred at an industry conference on March 26, 2013. At that time the SONGS Settlement negotiations were ongoing, and Pickett and Peevey’s conversation concerned the future of SONGS and a possible resolution of the CPUC’s investigation. Pursuant to the CPUC’s rules, the Company’s failure to timely report the ex parte meeting between Pickett and Peevey represented a possible violation of CPUC rules governing ex parte contact between CPUC decision makers and interested parties.
Prompted by SCE’s belated disclosure and amidst growing public criticism of the relationship between the CPUC and California’s utilities, the CPUC ordered SCE to turn over additional communications regarding the SONGS Settlement’s negotiation. On April 29, 2015, SCE duly complied. After reviewing the additional SCE documents, TURN’s attorney stated that the documents showed “a number of unreported ex parte contacts and that Edison violated the rules by not reporting those communications.”
On May 4, 2015, an article published by SFGate reported that SCE’s newly released documents revealed a previously unreported May 2014 meeting between Peevey and SCE executives, at which the parties discussed donating millions of dollars to a UCLA institute at which Peevey held an advisory post.
On this news, shares of Edison declined $2.87 per share over two days of trading, or roughly 3.75%, to close at $59.60 on May 6, 2015.
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, in response to the Strumwasser Report and SCE’s earlier disclosures in February and April, TURN filed an application with the CPUC that charged SCE with “fraud by concealment” and urged the CPUC to set aside the SONGS Settlement and reopen its investigation.
On this news, shares of Edison declined $1.56 per share or over 2.70%, to close at $56.07 on June 24, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby Pomerantz LLP email@example.com