PHILADELPHIA, Sept. 16, 2020 /PRNewswire/ -- Berger Montague is investigating potential securities fraud claims against Portland General Electric Company ("PGE" or the "Company") on behalf of investors who purchased PGE securities (NYSE: POR) between April 24, 2020 and August 24, 2020 (the "Class Period").
The lawsuit accuses PGE and members of its senior management with failing to disclose to investors that PGE lacked effective internal controls over its energy trading practices such that PGE personnel had entered energy trades that created unusually high financial exposure for the Company. As a result, Defendants' statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
According to the Complaint, on August 24, 2020, after the market closed, PGE announced that it had incurred losses of $127 million as a result of energy trading conducted by the Company during 2020. PGE further announced that it had formed a Special Committee to review the energy trading practices and internal controls that allowed such significant exposure to the energy market. On this news, the Company's share price fell $3.51 – or 8% – from $41.96 per share to $38.45 per share on August 24, 2020.
If you purchased PGE shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is November 2, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding Portland General Electric Company are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.