Lawsuit for Long-Term Investors in PG&E Corporation (NYSE:PCG) Shares Announced by Shareholders Foundation
SAN DIEGO, Jan. 26, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit filed by a current investor in PG&E Corporation (NYSE:PCG) is pending against directors of PG&E in connection with 2010 explosion of a natural gas transmission pipeline in San Bruno, California.
Investors who purchased shares PG&E Corporation (NYSE:PCG) long-term and currently hold any of those NYSE:PCG shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff claims that Pacific Gas & Electric breached its fiduciary duty owed to NYSE:PGE shareholders when it failed to maintain the gas pipeline that caused the September 2010 San Bruno pipeline line explosion that killed eight people and injured 58 others.
The plaintiff alleges that the company has a long history of flouting applicable rules and regulations. The plaintiff says that from 2004 to 2009, the Company was responsible for 287 "probable violations" of federal or state pipeline-safety rules and regulations, 59% of all "probable violations" identified by regulators during that period and that from 2004 through 2009, PG&E was responsible for more reportable incidents, fifty-six, than any other U.S. company. The plaintiff alleges that the PG&E board of directors’ failure to implement adequate safety control is inexcusable.
The plaintiff claims that the company’s board has failed in its fiduciary obligations to its shareholder to deliver services safely and PG&E’s failure has directly harmed the company by exposing them to hundreds of millions of dollars in liability and expenses, as well as damage to its reputation.
The plaintiff seeks to require certain directors to pay PG&E Corporation the amounts that their breaches damaged the company.
Those who purchased PG&E Corporation (NYSE:PCG) shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at firstname.lastname@example.org or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
(January 26, 2016 - 11:00 AM EST)
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