Sempra investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Sempra operates as an energy services holding company worldwide. The company’s Southern California Gas Company (“SoCalGas”) segment transmits, distributes, and stores natural gas. As of February 6, 2015, this segment served approximately 21 million consumers through 5.8 million meters in 500 communities.
The complaint alleges that throughout the Class Period, the defendants made materially false and misleading statements regarding the company’s business, operations, cash position, prospects, and internal controls. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose that: (i) SoCalGas lacked the capability to expeditiously repair gas leaks, causing a public hazard; (ii) an extended hazardous gas leak would constitute a serious threat to public health and safety; and (iii) as a result of the foregoing, the defendants’ public statements were materially false and misleading at all relevant times.
According to the complaint, on October 23, 2015, Sempra’s subsidiary SoCalGas discovered a natural gas leak from the company’s Aliso Canyon natural gas storage facility near the Porter Ranch neighborhood in Los Angeles (the “Porter Ranch Leak”). On October 28, 2015, after a strong gas odor became noticeable to Porter Ranch residents, SoCalGas publicly acknowledged the Porter Ranch Leak.
Then, on November 23, 2015, displaced Porter Ranch residents filed a class action lawsuit against SoCalGas, seeking damages and an order requiring SoCalGas to disclose information related to the health risks associated with the Porter Ranch Leak.
Following the news of the lawsuit, Sempra stock fell $0.80, or 0.79%, to close at $100.28 on November 24, 2015.
If you are a member of the class described above, you may no later than April 29, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
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