Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 187

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 187
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 asserted claims under Section 10(b) and Section 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, and sought unspecified monetary relief, interest, attorneys’ fees and other costs.  Both complaints identified a proposed class period of April 29, 2015 to June 8, 2018.  On September 10, 2018, the court consolidated both cases, and the litigation is now denominated In re PG&E Corporation Securities Litigation, U.S. District Court for the Northern District of California, Case No. 18-03509.  The court also appointed PERA as lead plaintiff.  PERA filed a consolidated amended complaint on November 9, 2018.  On December 14, 2018, PERA filed a second amended consolidated complaint to add allegations regarding the 2018 Camp fire, including allegations regarding transmission line safety and the PSPS program.On February 22, 2019, a third purported securities class action was filed in the District Court, entitled York County on behalf of the York County Retirement Fund, et al. v. Rambo, et al. (the “York County Action”).  The complaint named as defendants certain former officers and directors, as well as the underwriters of four public offerings of notes from 2016 to 2018.  Neither PG&E Corporation nor the Utility was named as a defendant.  The complaint asserted claims under Section 11 of the Securities Act of 1933, as amended, based on alleged material misrepresentations and omissions in connection with the note offerings related to, among other things, PG&E Corporation’s and the Utility’s vegetation management and wildfire safety measures.  On May 7, 2019, the York County Action was consolidated with In re PG&E Corporation Securities Litigation.On May 28, 2019, the plaintiffs in the consolidated securities actions filed a third amended consolidated class action complaint, which includes the claims asserted in the previously filed actions and names as defendants PG&E Corporation, the Utility, certain former officers and directors, and the underwriters.  On October 4, 2019, the officer, director, and underwriter defendants filed motions to dismiss the third amended complaint.On March 21, 2023, another group of shareholders filed a separate action in the District Court against certain former officers and directors, entitled Orbis Capital Limited et al., v. Williams et al., alleging similar claims to those alleged in In re PG&E