Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 109

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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6 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 certain former officers and directors and the underwriters.  While PG&E Corporation and the Utility are also named as defendants, the claims against PG&E Corporation and the Utility may only be pursued in Bankruptcy Court.  On October 24, 2024, the officer, director, and underwriter defendants filed renewed motions to dismiss the third amended complaint.  On September 30, 2025, the District Court granted the motions to dismiss with leave to amend by October 30, 2025. 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.

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 the trading of common stock of PG&E Corporation (such claims, with certain other similar claims against PG&E Corporation, the “HoldCo Rescission or Damage Claims”).  The second category of pre-petition claims, which comprises two separate classes under the Plan, consists of claims arising from the trading of debt securities issued by PG&E Corporation and the Utility (such claims, with certain other similar claims against PG&E Corporation and