Defendant Name:
Portland General Electric Company
Defendant Type:
Public Company
SIC Code:
4911
CUSIP:
73650884
Document Reference:
34-100917
Document Details
Legal Case Name
In the Matter of Portland General Electric Company
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
04-Sep-2024
Document Format
Administrative Proceeding
AAER
4515
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On September 4, 2024, the SEC instituted settled cease-and-desist proceedings against Portland General Electric Company, stating: "These proceedings arise from the failure of Portland General Electric Company, a publicly-traded regional utility company based in Oregon, to devise and maintain a system of internal accounting controls sufficient to reasonably assure that Respondent’s derivatives and regulatory accounting transactions were recorded as necessary to permit preparation of its financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) or to maintain accountability for its assets. Relatedly, Respondent’s books and records did not accurately and fairly reflect its regulatory assets. Respondent also lacked disclosure controls and procedures to ensure that information required to be disclosed by Regulation S-K was captured and assessed by management and disclosure personnel."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
