The law firm of Kirby McInerney LLP is investigating potential claims against Xcel Energy Inc. (“Xcel” or the “Company”) (NASDAQ:XEL). The investigation concerns whether Xcel and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
[Click here to learn more about the investigation]
On February 29, 2024, Xcel disclosed that it had become aware of Texas wildland fires burning near the service territory of Southwestern Public Service Company (“SPS”) on February 26, and that, on February 28, the Company had received a letter “on behalf of various property insurance interests whose insureds were allegedly adversely affected by the [fire],” notifying the Company of “potential exposure for damages resulting from the [fire] and to request that a fallen SPS utility pole that is situated within the vicinity of the fire’s potential area of origin be preserved.” On this news, Xcel’s stock price fell $8.10, or 14%, over two consecutive trading days to close at $49.57 per share on March 1, 2024, thereby injuring investors.
On March 7, 2024, Xcel acknowledged that its equipment was likely “involved in an ignition” of the wildfire, which has grown to the largest wildfire in Texas history, burning over a million acres and an estimated 500 structures.
If you purchased or otherwise acquired Xcel securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected], or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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