Sempra Energy (NYSE: SRE) Investor Securities Class Action Lawsuit 02/29/2016

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Company Name(s): 
Sempra Energy
Case Name: 
Sempra Energy Shareholder Class Action Lawsuit 02/29/2016
Case Status: 
Case Dismissed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
Class Period Begin: 
Class Period End: 
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
Case Dismissed: 

March 26, 2018 - The court granted defendants' motion to dismiss with prejudice.

August 25, 2017 - Defendants filed a motion to dismiss.

July 11, 2017 - The lead plaintiffs filed a second amended complaint.

June 20, 2017 - The court granted defendants' motion to dismiss without prejudice.

September 12, 2016 - Defendants filed a motion to dismiss.

July 26, 2016 - The lead plaintiffs filed an amended complaint.

June 6, 2016 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 2, 2016 - Lead plaintiff motions were filed.

February 29, 2016 - An investor in shares of Sempra Energy (NYSE: SRE) filed a lawsuit in the U.S. District Court for the Southern District of California over alleged violations of Federal Securities Laws by Sempra Energy in connection with certain allegedly false and misleading statements made between May 14, 2015 and November 23, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Sempra Energy (NYSE: SRE) common shares between May 14, 2015 and November 23, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 14, 2015 and November 23, 2015, the defendants made false and/or misleading statements and/or failed to disclose that: (i) SoCalGas lacked the capability to expeditiously repair gas leaks, causing a public hazard; (ii) an extended hazardous gas leak would constitute a serious threat to public health and safety; and (iii) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

On October 23, 2015, Sempra Energy's subsidiary Southern California Gas Company (“SoCalGas”) discovered a natural gas leak from a well at the Aliso Canyon facility near the Porter Ranch neighborhood in Los Angeles. After local residents reported symptoms including headaches, nausea, and severe nosebleeds, hundreds of families were relocated from the area as SoCalGas attempted to seal the well.

On November 23, 2015, displaced Porter Ranch residents filed a consumer lawsuit against SoCalGas, seeking damages and an order requiring SoCalGas to disclose information related to the health risks associated with the Porter Ranch Leak.

On December 12, 2015, the United States Environmental Protection Agency (“EPA”), the federal agency that oversees the vast majority of SoCalGas’ pipelines and storage facilities, publicly released a request for information to SoCalGas.

On January 6, 2016, post-market, California Governor Jerry Brown declared a state of emergency due to the continuing noxious lea.
On February 2, 2016, California Attorney General Kamala D. Harris filed a lawsuit against SoCalGas alleging violations of state health and safety laws. That same day, Los Angeles County filed criminal charges against SoCalGas for its failure to immediately report the leak following its detection.

On February 11, 2016, Southern California Gas Company announced that a relief well had "intercepted the base of the leaking well" and operators were pumping fluids to temporarily keep the gas from leaking.

Then on February 18, 2016, the California Division of Oil, Gas and Geothermal Resources (DOGGR) today confirmed that the well that had been leaking at the Southern California Gas Co. Aliso Canyon storage facility has been permanently sealed and taken out of service, SoCalGas announced.