NEW YORK, Nov. 30, 2018 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Edison International ("Edison" or the "Company") (NYSE:EIX) of the January 15, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Edison stock or options between February 23, 2016 and November 12, 2018and would like to discuss your legal rights, click here:www.faruqilaw.com/EIX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to[email protected].
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. [email protected] Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Edison securities between February 23, 2016 and November 12, 2018 (the "Class Period"). The case, Glen Barnes v. Edison International et al, No. 18-cv-09690 was filed on November 16, 2018, and has been assigned to Judge Consuelo Bland Marshall.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company failed to maintain electricity transmission and distribution networks in compliance with safety requirements and regulations promulgated under state law; (2) consequently, the Company was in violation of state law and regulations; (3) the Company's noncompliant electricity networks created a significantly heightened risk of wildfires in California; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
Specifically, on November 12, 2018, the California Public Utilities Commission ("CPUC") launched an investigation into Edison's subsidiary SCE, in order to "assess the compliance of electrical facilities with applicable rules and regulations in fire-impacted areas."
On this news, the Company's stock price fell from $61.00 per share on November 9, 2018 to $53.56 per share on November 12, 2018—a $7.44 or 12.20% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Edison's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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