SAN FRANCISCO, Sept. 4, 2020 /PRNewswire/ -- Hagens Berman urges Portland General Electric Company (NYSE: POR) investors to contact the firm now. Hagens Berman also encourages potential whistleblowers to consult with its attorneys.
Portland General Electric (POR) Securities Class Action & Proprietary Investigation:
The complaint alleges that Portland General Electric misled investors by failing to disclose the company lacked internal controls over energy trading practices, certain employees placed energy trades with increasing volume during late in the company's Q2 2020 and into its Q3 2020, and that as a result the company had and would incur significant losses.
Investors began to learn the truth, according to the complaint, on Aug. 24, 2020 when Portland General Electric disclosed the energy trades resulted in realized losses of $104 million and unrealized losses of $23 million, estimating total losses in the company's portfolio of up to $155 million. In addition, the company announced that it had formed a Special Committee "to review the energy trading that led to the losses and the Company's procedures and controls related to the trading."
This news sent the price of Portland General Electric shares sharply lower.
"We're focused on investors' losses and proving Portland General Electric knew of material weaknesses in its procedures and controls related to energy trading," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you are a Portland General Electric investor or may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Portland General Electric should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email POR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895
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SOURCE Hagens Berman Sobol Shapiro LLP