Sempra Energy (NYSE:SRE) Investor Investigation Over Potential Securities Law Violations Announced

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Company Name(s): 
Sempra Energy
Affected Securities: 
NYSE: SRE

February 19, 2016 (Shareholders Foundation) - An investigation on behalf of investors of Sempra Energy (NYSE:SRE) shares over potential securities laws violations by Sempra Energy and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Sempra Energy (NYSE:SRE) concerning whether a series of statements by Sempra Energy regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Sempra Energy reported that its annual Total Revenue rose from over $9.64 billion in 2012 to over $11.01 billion in 2014 and that its respective Net Income increased from $865 million in 2012 to over $1.16 billion in 2014. Shares of Sempra Energy (NYSE:SRE) grew from $50.88 per share in November 2011 to as high as $115.08 per share in January 2015.

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, so far unsuccessfully, to seal the well.

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.