Description: Securities class action against utility company in Southern California alleging misrepresentations regarding exposure to wildfire risk.
Barnes v. Edison International
Filing Date Type File Action Taken Summary 06/28/2019 Memorandum Download Memorandum of points and authorities filed in support of underwriter defendants' motion to dismiss consolidated amended class action complaint. 11/16/2018 Complaint Download Complaint filed. Securities Class Action Alleged That Southern California Utility Misled Investors on Wildfire Risk. A federal securities class action was filed in the federal district court for the Central District of California on behalf of parties that acquired stock in Southern California Edison Company (SCE) and its parent holding company in the approximately two and a half years leading up to the outbreak of two wildfires in Southern California in November 2018 and the California Public Utilities Commission’s subsequent launch of an investigation into SCE’s compliance with applicable rules and regulations in fire-impacted areas. The complaint alleged that the companies made false and misleading statements about their maintenance of the electric grid and wildfire risks. The complaint included an excerpt from a public statement by the companies alluding to increased risk of wildfires due to factors including climate change and the associated financial risks to SCE.