Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Edison International To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Edison International (“Edison” or the “Company”) (NYSE:EIX) of the January 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Edison stock or options between February 23, 2016 and November 12, 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Edison securities between February 23, 2016 and November 12, 2018 (the “Class Period”). The case, Glen Barnes v. Edison International et al, No. 18-cv-09690 was filed on November 16, 2018, and has been assigned to Judge Consuelo Bland Marshall.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company failed to maintain electricity transmission and distribution networks in compliance with safety requirements and regulations promulgated under state law; (2) consequently, the Company was in violation of state law and regulations; (3) the Company’s noncompliant electricity networks created a significantly heightened risk of wildfires in California; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on November 12, 2018, the California Public Utilities Commission (“CPUC”) launched an investigation into Edison’s subsidiary SCE, in order to “assess the compliance of electrical facilities with applicable rules and regulations in fire-impacted areas.”
On this news, the Company’s stock price fell from $61.00 per share on November 9, 2018 to $53.56 per share on November 12, 2018—a $7.44 or 12.20% drop.
Edison International (EIX)
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Filed on 11/19/2018
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