Law Offices of Howard G. Smith announces an investigation on behalf of Xcel Energy Inc. (“Xcel” or the “Company”) (NASDAQ: XEL) investors concerning the Company’s possible violations of federal securities laws.
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.
Then, on March 7, 2024, Xcel disclosed 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 of land and an estimated 500 buildings.
If you purchased Xcel securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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