Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 102

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 102
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 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.

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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 Corporation Securities Litigation.On August 21, 2024, the District Court entered an order setting a briefing schedule for renewed motions to dismiss the third amended complaint.  Opening briefs were filed on October 24, 2024, opposition briefs were filed December 20, 2024, and reply briefs were filed January 31, 2025.

Wildfire-Related Securities Claims—Claims in the Bankruptcy Court ProcessPG&E Corporation and the Utility intend to resolve securities claims filed in the bankruptcy consistent with the Plan.  These claims consist of pre-petition claims against PG&E Corporation or the Utility under the federal securities laws related to, among other things, allegedly misleading statements or omissions with respect to vegetation management and wildfire safety disclosures, and are classified into separate categories under the Plan, each of which is subject to subordination under the United States Bankruptcy Code.  The first category of claims consists of pre-petition claims arising from or related to