Edison International (NYSE: EIX) Investor Securities Class Action Lawsuit 07/06/2015

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Company Name(s): 
Edison International
Case Name: 
Edison International Shareholder Class Action Lawsuit 07/06/2015
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: EIX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/06/2015
Class Period Begin: 
03/21/2014
Class Period End: 
08/10/2015
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
09/04/2015
Summary: 

April 16, 2018 - The lead plaintiff filed a notice of appeal.

March 16, 2018 - The court granted defendants' motion to dismiss.

June 9, 2017 - Defendants filed a motion to dismiss.

May 26, 2017 - The lead plaintiff filed a third amended complaint on behalf of investors who purchased Edison International (NYSE: EIX) common shares between March 21, 2014 and August 10, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 21, 2014 and August 10, 2015.

May 5, 2017 - The court granted defendants' motion to dismiss without prejudice and with leave to amend.

September 14, 2016 - The court granted defendants' motion to dismiss.

December 14, 2015 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Edison International (NYSE: EIX) common shares between March 21, 2014 and June 24, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 21, 2014 and June 24, 2015.

November 3, 2015 - Lead plaintiff and lead counsel were appointed.

September 4, 2015 - Lead plaintiff motion was filed.

July 6, 2015 - An investor in shares of Edison International (NYSE: EIX) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Edison International in connection with certain allegedly false and misleading statements made between July 31, 2014 and June 24, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Edison International (NYSE: EIX) common shares between July 31, 2014 and June 24, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 31, 2014 and June 24, 2015 defendants made false and/or misleading statements and/or failed to disclose that Edison International’s ex parte contacts with the California Public Utilities Commission decision makers were more extensive than the Company had reported to the California Public Utilities Commission, that belated disclosure of Edison International’s ex parte contacts with the California Public Utilities Commission personnel would jeopardize the Company’s $3.3 billion dollar San Onofre Nuclear Generating Station Settlement, and that as a result of the above, Edison International’s financial statements were materially false and misleading at all relevant times.

Edison International reported that its annual Total Revenue rose from over $11.86 billion in 2012 to over $13.41 billion in 2014 and that its Net Loss of $92.00 million in 2012 turned into a Net Income of over $1.72 billion in 2014.

Shares of Edison International (NYSE: EIX) grew from $34.78 per share in August 2011 to as high as $69.05 per share in late January 2015.

According to the complaint, on June 22, 2015, the law firm Strumwasser & Woocher released an independent report commissioned by the California Public Utilities Commission in connection with a review of ex parte meetings between utility lobbyists or executives and the California Public Utilities Commission decision makers. The report described such ex parte meetings as "frequent, pervasive, and at least sometimes outcome-determinative," and recommended banning them altogether in rate cases.
Then, on June 24, 2015, in response to the report and earlier disclosures by Edison International's largest subsidiary, Southern California Edison, the Utility Reform Network ("TURN") filed an application with the California Public Utilities Commission that charged Southern California Edison with "fraud by concealment" and urged the California Public Utilities Commission to set aside the San Onofre Nuclear Generating Station Settlement and reopen its investigation.

Then on June 24, 2015 a report was published that stated Edison International stock declined "in reaction to news that the Utility Reform Network consumer group is recommending the California Public Utilities Commission throw out the already-approved settlement in the San Onofre nuclear plant investigation." Shares of Edison International (NYSE: EIX) declined on June 24, 2015, to as low as $55.18 per share.