San Diego – (Businesswire): Haeggquist & Eck, LLP a shareholder rights litigation firm, has launched an investigation of PG&E Corporation (“PG&E” or the “Company) (NYSE: PCG) concerning possible violations of the federal securities laws or breach of fiduciary duty by the board of directors. If you own PG&E stock and would like more information, please contact attorney Amber Eck at 619-342-8000 or firstname.lastname@example.org.
PG&E filed an 8-K with the Securities and Exchange Commission on October 13, 2017 showing that PG&E could face liability for the Northern California wildfires that killed at least 40 people last week and destroyed at least 5,700 homes and other structures. PG&E announced in the 8-K that its subsidiary, Pacific Gas and Electric Company, was being investigated by the California Department of Forestry and Fire Protection (“Cal Fire”) for any role their downed power lines and other facilities may have played in the fires.
According to the SEC filing, PG&E has “$800 million in liability insurance for potential losses that may result from these fires. If the amount of insurance is insufficient to cover the Utility’s liability or if insurance is otherwise unavailable, PG&E Corporation’s and the Utility’s financial condition or results of operations could be materially affected.” Some estimate the fires’ damage to range from $8 billion to $12.2 billion.
PG&E’s stock price plummeted, eliminating almost $6 billion of PG&E’s market value last week, and dropping nearly 7% today, October 16, 2017.
The California Public Utilities Commission is conducting a preliminary review of PG&E’s possible role in the wine country fires, PUC spokesperson Christopher Chow announced today. Last week, the PUC demanded that PG&E preserve all physical, electronic and other document-related evidence related to potential causes of the fires.
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Amber Eck, email@example.com