Pacific Gas & Electric Co. (NYSE: PCG)
San Francisco - Hagens Berman Sobol Shapiro LLP is investigating possible shareholder claims against Pacific Gas & Electric (NYSE: PCG) officers and directors over alleged repeated and systematic failure to conduct oversight over fire risk cause by the company's power lines.
If you are a shareholder in PCG and have lost money, contact PCG@hbsslaw.com.
PG&E stock has dropped as much as 23% since October 11th as news sources reported that PG&E power lines may have caused wildfires that are ravaging northern California, including those in Sonoma, Napa and Marin counties where over 40 people have died. Analysts have warned that it is possible that PG&E shareholders may bear responsibility for some of the damages such as they did with the San Bruno accident.
In 2015 alone, almost 150,000 acres burned in California as a result of wildfires sparked by power lines and electrical equipment. Various news sources reported that on October 8th, Sonoma County dispatchers sent out fire crews to at least 10 different locations over a 90 minute period to respond to calls and reports of sparking wires and problems with the county’s electrical systems.
“We are probing the knowledge of PG&E’s officers and directors concerning the safety risks caused by the improper pruning of the trees around their power lines, the weakness of their power line structures and their knowledge of the weakened nature of the trees in proximity to their power lines,” said Hagens Berman partner Reed Kathrein. “PG&E can’t simply ignore such red flags, and blame the fires on abnormal winds, the drought and new vegetation since the drought. PG&E is required to properly assess and respond to increased risks.”
Whistleblowers: Persons with non-public information regarding PG&E should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PCG@hbsslaw.com.
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