PG&E Investors Sue Leaders Over Stock Drop After Camp Fire (1)

PG&E Corp. officers and directors allegedly misrepresented the utility’s vegetation-clearing efforts and other fire-safety measures in the months preceding the massive 2018 Camp Fire in California, according to a new lawsuit.

Orbis Capital Ltd. and more than a dozen related funds say they lost hundreds of millions of dollars in PG&E’s slide toward bankruptcy after the fire. They sued Tuesday in the US District Court for the Northern District of California.

The lawsuit is separate from a proposed investor class action that was paused in September 2022 pending resolution of bankruptcy proceedings involving PG&E. The decision to stay the case ...