NEW YORK, Oct. 26, 2020 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of Portland General Electric Company (“PGE” or the “Company”) (NYSE: POR) between April 24, 2020 and August 24, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the District of Oregon alleges violations of the Securities Exchange Act of 1934.
If you purchased Portland General Electric Company securities, and/or would like to discuss your legal rights and options please visit POR Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose:(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.
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.
If you wish to serve as lead plaintiff, you must move the Court no later than November 2, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Portland General Electric Company securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/portlandgeneralelectriccompany-por-shareholder-class-action-lawsuit-stock-fraud-303/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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