Grant & Eisenhofer P.A. Announce a Class Action Settlement Involving Purchasers of PGE Common Stock

Sep 15, 2021 11:47 AM ET

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IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF OREGON













IN RE PORTLAND GENERAL ELECTRIC
COMPANY SECURITIES LITIGATION



Case No. 3:20-cv-1583-SI


CLASS ACTION






SUMMARY NOTICE


TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED PGE COMMON STOCK BETWEEN FEBRUARY 13, 2020 AND AUGUST 24, 2020, INCLUSIVE:


YOU ARE HEREBY NOTIFIED that, pursuant to an Order of the United States District Court for the District of Oregon, a hearing will be held on March 11, 2022, at 10:00 a.m., before the Honorable Michael H. Simon, United States District Judge, at the United States Courthouse, 1000 Southwest Third Avenue, Portland, Oregon 97204, to determine: (1) whether a proposed Settlement of In Re Portland General Electric Company Securities Litigation Case No. 3:20-cv-1583-SI (D.Or) (the "Action") including the sum of Six Million Seven Hundred Fifty Thousand ($6,750,000.00) in cash should be approved by the Court as fair, reasonable, and adequate, which would result in this Action being dismissed with prejudice and will prevent Settlement Class Members from ever being part of any other lawsuit against the Defendants (and parties related to them) about the legal claims being resolved by this Settlement, as set forth in the Stipulation of Settlement dated July 11, 2021; (2) whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Plaintiff should be certified as Class Representative for the Settlement Class, and Lead Counsel should be appointed as Class Counsel for the Settlement Class; (3) whether the Plan of Allocation of settlement proceeds is fair, reasonable, and adequate and therefore should be approved; and (4) whether Plaintiffs' Counsel should be awarded attorneys' fees and expenses incurred in connection with this Action, together with interest thereon, and whether the Lead Plaintiff should receive an award of its costs and expenses in representing the Settlement Class.  Those matters will be addressed by the Court at the Settlement Hearing to be held on March 11, 2022.


If you purchased or otherwise acquired PGE common stock during the Class Period (February 13, 2020 to August 24, 2020), your rights may be affected by this Action and the Settlement thereof.  If you have not received a detailed Notice of Pendency and Proposed Settlement of Class Action ("Notice") and a copy of the Proof of Claim and Release form ("Proof of Claim"), you may obtain copies either by downloading this information at www.portlandgeneralelectricsettlement.com or by writing to Portland General Electric Securities Settlement c/o Epiq PO Box 4636 Portland, OR 97208-4636.  If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim form by mail (postmarked no later than December 21, 2021), or online at www.portlandgeneralelectricsettlement.com (submitted no later than December 21, 2021), establishing that you are entitled to a recovery.  You will be bound by any judgment rendered in the Action unless you request to be excluded, in writing, such that it is postmarked no later than February 11, 2022, in the manner and form explained in the detailed Notice referred to above.


If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is postmarked no later than February 11, 2022, in accordance with the instructions set forth in the Notice.  If you ask to be excluded, you will not get any payment from the Settlement, and you cannot object to the Settlement.  You will not be legally bound by anything that happens in the lawsuit, and you may be able to sue the Defendants and Related Parties about the Settlement Class's Released Claims in the future.  If you want to bring your own lawsuit based on the matters alleged in this Action, you may want to consult an attorney and discuss whether any individual claim that you may wish to pursue would be time-barred.  Any objection to any aspect of the Settlement, the Plan of Allocation, and/or Lead Counsel's fee and expense application must be filed with the Court and mailed or delivered to the following address, or electronically filed with the Court via their CM/ECF system, such that they are received no later than February 11, 2022, in accordance with the instructions set forth in the Notice.


Requests for the Notice and Proof of Claim form should be made to the Claims Administrator:


Portland General Electric Securities Settlement
c/o Epiq
PO Box 4636
Portland, OR 97208-4636


Inquiries, other than requests for the Notice and Proof of Claim form, may be made to Lead Counsel:


GRANT & EISENHOFER P.A.
Daniel L. Berger
485 Lexington Avenue
New York, New York 10017
Tel.: (646) 722-8500
Fax: (646) 722-8501
Email: [email protected]

URL : http://gelaw.com

Contact Information:

Daniel L. Berger
485 Lexington Avenue
New York, New York 10017
Tel.: (646) 722-8500
Fax: (646) 722-8501
Email: dberger@gelaw.com


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