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LOS ANGELES, Sept. 04, 2020 (GLOBE NEWSWIRE) --
The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Portland General Electric Company ("PGE" or "the Company") (NYSE: POR) investors that acquired securities between April 24, 2020 and August 24, 2020.
The investigation focuses on whether the Company misled investors regarding the Company’s exposure to trading risks and proper oversight trading limits. On August 24, 2020, after the market closed, Portland General Electric announced that it had incurred losses of $127 million as of August 24, 2020 due to certain "energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company." In addition, Portland General Electric 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."
On this news, the Company's share price fell significantly.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.