Thieler Law Corp advises investors with losses exceeding $100,000 of the September 4, 2015 lead plaintiff deadline in a class action lawsuit filed against Edison International (NYSE: EIX) (“Edison” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of California and investors, who purchased Edison securities between July 31, 2014 and June 24, 2015, have until September 4, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased Edison securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com .  No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Edison International’s ex parte contacts with the California Public Utilities Commission ( “CPUC”) decision makers were more extensive than the Company had reported to CPUC.

In October 2012, the CPUC launched an investigation related to the closure of two reactor units at a large Southern California nuclear power plant (San Onofre) owned by Edison’s largest subsidiary, Southern California Edison . In November 2014, Edison entered into a settlement agreement for $3.3 billion providing that it would refund customers for excess charges incurred to support the two closed units (the “SONGS Settlement”.) In relation to that settlement, the complaint further alleges that the delayed disclosure of Edison International’s ex parte contacts with CPUC personnel would jeopardize the Company’s $3.3 billion dollar SONGS Settlement.

According to the Complaint, on June 22, 2015, the law firm Strumwasser & Woocher released an independent report commissioned by the CPUC in connection with a review of ex parte meetings between utility lobbyists or executives and CPUC 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's largest subsidiary, Southern California Edison ("SCE"), the Utility Reform Network ("TURN") filed an application with the CPUC that charged SCE with "fraud by concealment" and urged the CPUC to set aside the SONGS settlement and reopen its investigation.  

On this news, shares of Edison International (NYSE: EIX), which traded as high as $69.59 during the Class Period, closed at $56.00 per share on June 25, 2015, on heavy trading volume.          

If you were negatively impacted by your investment in Edison securities between July 31, 2014 and June 24, 2015and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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