Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Edison International (EIX)

/EIN News/ -- NEW YORK,, Feb. 12, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased the securities of Edison International (“Edison” or the “Company”) (NYSE: EIX) between February 25, 2021 and February 6, 2025, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Edison’s claim that Southern California Edison Company (“SCE”) used its Public Safety Power Shutoffs ("PSPS") program to “proactively de-energize power lines to mitigate the risk of catastrophic wildfires during extreme weather events”, was false; (2) this resulted in heightened fire risk in California and heightened legal exposure to the Company; and (3) as a result, Defendants’ statements about Edison’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.

According to the Complaint, at approximately 6:15 p.m. on January 7, 2025, Altadena residents Jennifer Errico and Marcus Errico observed the ignition of the Eaton Fire underneath an electrical tower across the canyon from their home on the 2500 block of Canyon View Drive in Pasadena, CA 91107. According to the Complaint before evacuating, Jennifer and Marcus took photographs of the fire underneath what they described as “giant, giant towers” across from where Midwick Drive intersects with North Altadena Drive. The Complaint alleges that the truth of the fire’s source, however, was unknown to the investing public at the time, as residents were busy evacuating. The Complaint alleges that the news concerning the source of the Eaton Canyon Fire’s source would not be known until days after the fire started.

The Complaint alleges that meanwhile, Edison obfuscated the truth by making false and misleading statements concerning its role in the fire. The Complaint alleges that on January 8, 2025, Edison issued a press release stating, in relevant part: “Tuesday afternoon in SCE’s service area. SCE has transmission facilities on the east side of Eaton Canyon. SCE’s distribution lines immediately to the west of Eaton Canyon were de-energized well before the reported start time of the fire, as part of SCE’s Public Safety Power Shutoff (PSPS) program. SCE is currently conducting a review of the event. The Hurst Fire began late Tuesday evening. While the reported ignition site is within the Los Angeles Department of Water and Power’s service area, SCE has transmission facilities near the reported ignition site, and the company is currently conducting a review of the event.”

According to the Complaint on January 9, 2025, the Pasadena Now article titled, “The Moment the Eaton Fire Ignited” was published, reporting from eyewitnesses that the Eaton Canyon Fire originated near electrical towers, although the article did not name Edison or SCE as the entities responsible for operating said towers.

The Complaint alleges that on this news, Edison share prices dropped $4.50, or approximately 6.47%, from closing at $69.50 on January 8, 2025 to close at $65.00 on January 10, 2025, the next trading day.

Investors who purchased or otherwise acquired shares of Edison should contact the Firm prior to the April 14, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.