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PORTLAND, Ore. (Legal Newsline) – Mississippi’s public employee pension fund is suing Portland General Electric over news of a $128 million loss.
PGE announced the loss on Aug. 24 while placing two unnamed employees on administrative leave and creating a committee to review its energy trading practices, the Oct. 16 lawsuit filed in Oregon federal court says.
Stoll Stoll Berne Lokting & Schlachter and Grant & Eisenhofer are representing the Public Employees’ Retirement System of Misssissippi on behalf of a class of stockholders who suffered losses.
“The surprise announcement of a nine-figure loss arising from a business segment that investors did not know even existed other than to hedge and manage risk stunned the markets and decimated PGE’s stock price, which fell by nearly 8% on unusually heavy volume as a result of the announcement,” the suit says.
“The stock’s decline wiped out over $300 million in shareholder value.”