Portland General Electric Company Securities Litigation

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Lawsuit Overview

Defendant:Portland General Electric Company
Date Filed:September 3rd, 2020
Industry:Electric Utilities: Central
Class Start Date:April 24th, 2020
Class End Date:August 24th, 2020

According to the Complaint, Portland General Electric Company is an electric utility that engages in the generation, transmission, distribution, and retail sale of electricity in the state of Oregon. The Company also participates in wholesale markets by purchasing and selling electricity and natural gas to meet the needs of its retail customers.

The Complaint 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, the Complaint alleges 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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First Identified Complaint

Kevin Hessell, et al. v. Portland General Electric Company, et al.

Date Filed:September 3rd, 2020
Class Period Start:April 24th, 2020
Class Period End:August 24th, 2020
First Identified Complaint Filings
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