The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Portland General Electric Company (NYSE: POR) who purchased shares between April 24, 2020 and August 24, 2020. The action, which was filed in the United States District Court for the District of Oregon, alleges that the Company violated federal securities laws.
(1) PGE lacked effective internal controls over its energy trading practices; (2) PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3)as a result, the Company was reasonably likely to incur significant losses; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until November 2, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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