PG&E Corp. Securities Litigation

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PG&E Corp. Securities Litigation
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The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Class Action, (the “Notice”), which you can access by clicking here. Since this website is just a summary, you should review the Notice for additional information.

If you are a Class Member, your legal rights will be affected by this Settlement whether you act or do not act. 


Please read the Notice carefully.


IF YOU PURCHASED THE COMMON STOCK OF PG&E CORPORATION. (“PG&E”) BETWEEN DECEMBER 13, 2018 AND OCTOBER 28, 2019, INCLUSIVE (THE “CLASS PERIOD”) AND WERE DAMAGED THEREBY, YOU ARE A CLASS MEMBER.

YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT:

SUBMIT A CLAIM FORM

NO LATER THAN

JULY 19, 2021

The only way to get a payment.

EXCLUDE YOURSELF

NO LATER THAN

AUGUST 26, 2021

Get no payment. 

OBJECT NO LATER THAN

AUGUST 26, 2021

Write to the Court about why you do not like the Settlement.

GO TO A HEARING ON

SEPTEMBER 16, 2021

 Speak in Court about the fairness of the     Settlement.

DO NOTHING

Get no payment.  Give up rights.


The Settlement Hearing

The Court will hold a Settlement Hearing on September 16, 2021 at 2:00 p.m., in Courtroom 2 – 4th Floor, Ronald V. Dellums Federal Building & United States Courthouse, 1301 Clay Street Oakland, CA 94612.  The Court may also hold the hearing by telephone or videoconference.

At this hearing, the Court will consider (i) whether the Settlement is fair, reasonable, and adequate, and should be approved by the Court; (ii) whether the Order and Final Judgment as provided under the Stipulation should be entered, dismissing the Complaint on the merits and with prejudice, and to determine whether the release by the Settlement Class of the Released Persons as set forth in the Stipulation, should be ordered; (iii) whether the proposed Plan of Allocation for the distribution of the Net Settlement Fund is fair and reasonable and should be approved by the Court; (iv) the application of Lead Counsel for an award of Attorneys’ Fees and Expenses, and for Awards to Plaintiffs; (v) Settlement Class Members’ objections to the Settlement, whether submitted previously in writing or presented orally at the Settlement Hearing by Settlement Class Members (or by counsel on their behalf); and (vi) such other matters as the Court may deem appropriate.

What is this case about?

The case is known as Christopher Vataj v. William D. Johnson, et al., Case No. 4:19-cv-06996-HSG (the “Action”), and the Court in charge of the case is the United States District Court for the Northern District of California.  By Order dated February 3, 2020, the Court appointed Movants Ironworkers Local 580 Joint Funds and Ironworkers Locals 40, 361 & 417 Union Security Funds and Robert Allustiarti as Co-Lead Plaintiffs.  By the same Order, the Court appointed Pomerantz LLP and The Rosen Law Firm, P.A., as Co-Lead Counsel.

The Complaint was filed on April 17, 2020, alleging violations of §10(b) by PG&E and Johnson, Williams, and Singh; and violations of §20(a) of the Exchange Act against Johnson, Williams, and Singh.  Among other things, the Action is about whether the Defendants named in the Complaint violated the federal securities laws by allegedly making false and misleading statements to the investing public as set forth in the Complaint.  The Complaint alleges that during the Settlement Class Period, the Defendants named in the Complaint made misrepresentations concerning PG&E’s preparation for certain de-energization events that occurred in and around October 2019.

PLEASE NOTE: This Action is different than the cases known as In re PG&E Corp. Sec. Litig., No. 18-cv-03509 (N.D. Cal.) and In re PG&E Corp. and Pacific Gas & Electric Co., Debtors, Bank. Case Nos. 19-30088/89 (DM)(Bankr. N.D. Cal.), which are not part of the Settlement and continue to be litigated.

The Settlement Benefits  

The proposed Settlement will create a Gross Settlement Fund in the amount of $10,000,000.00 (Ten Million Dollars and Zero Cents) plus all interest earned thereon.  The Settlement is subject to Court approval.  Also, subject to the Court’s approval, a portion of the Gross Settlement Fund will be used to pay Lead Counsel’s Attorneys’ Fees and Expenses and any Award to Plaintiffs.  A portion of the Gross Settlement Fund also will be used to pay (i) Taxes and Tax Expenses in respect of the Gross Settlement Fund; (ii) Notice and Administration Expenses as authorized by the Stipulation; and (iii) other fees and expenses authorized by the Court.  After the foregoing deductions from the Gross Settlement Fund have been made, the amount remaining (the “Net Settlement Fund”) will be distributed to Settlement Class Members who submit valid claims.

Your share of the Net Settlement Fund will depend on, among other things: (i) the number of claims filed; (ii) the dates you purchased and sold PG&E common stock; (iii) the prices of your purchases and sales; (iv) the amount of Notice and Administration Expenses; and (v) the amount of Attorneys’ Fees and Expenses awarded to Lead Counsel by the Court and the amount of any Award to Plaintiffs approved by the Court.

Further Information

This website and the Notice summarize the Settlement.  For more details regarding the Settlement please reference the Settlement Agreement, or other documents filed in the case under the “Court Documents” link on the left.  You may also contact the Claims Administrator or Lead Counsel for further information regarding the Settlement:

Claims Administrator:

PG&E Corp. Securities Litigation

Settlement Administrator

c/o A.B. Data, Ltd.

P.O. Box 173052

Milwaukee, WI 53217

Tel.: (877) 933-2882

info@PGESecuritiesSettlement.com


Co-Lead Counsel:

Louis C. Ludwig

Pomerantz LLP

10 South LaSalle St.

Ste. 3505

Chicago, IL 60603

Tel.: (312) 377-1181

Fax: (312) 377-1184

lcludwig@pomlaw.com


Jonathan Horne

The Rosen Law Firm, P.A.

275 Madison Avenue,

40th Floor

New York, NY 10016

Tel.: (212) 686-1060



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