PG&E senior notes investors file lawsuit in wake of fires

By Caroline Salls

Pittsburgh, March 4 – A lawsuit was filed for investors that acquired some PG&E Corp. senior notes, according to a Monday news release from Shareholders Foundation, Inc.

Shareholders Foundation said the lawsuit was filed on Feb. 22 for investors who purchased PG&E senior notes in a March 2016 public offering, a December 2016 public offering, a March 2017 public offering and an April 2018 public offering.

The lawsuit claims that PG&E raised billions of dollars from investors through the sale of senior notes, that PG&E’s conduct has subsequently been revealed to contradict the representations made to investors in the offering documents and that, as a result of fires in October 2017 and November 2018, the prices of PG&E bonds have plummeted, adding hundreds of millions of dollars in investor losses to the devastation wrought by the company’s alleged conduct.

The electric and natural gas utility is based in San Francisco. The company filed bankruptcy on Jan. 29 in the U.S. Bankruptcy Court for the Northern District of California under Chapter 11 case number 19-30088.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.