Failure To Plead Loss Causation In Securities Suit Leads To Dismissal

Mealey's (March 20, 2018, 9:13 AM EDT) -- SAN DIEGO — A lead plaintiff in a securities class action lawsuit against an energy company and certain of its former executive officers has failed to plead the necessary elements of loss causation in arguing that the defendants violated federal securities laws by concealing from investors their ex parte communications with the president of the California Public Utilities Commission (CPUC), leading to the overturning of a $3.3 billion settlement the energy company had reached with the CPUC, a federal judge in California ruled March 16 in dismissing a third amended complaint with prejudice (Harold Eng, et al. v. Edison International, et al., No. 15-1478, S.D. Calif., 2018 U.S. Dist. LEXIS 43629)....