PG&E shares plummet as California burns
The California state Capitol is viewed through the smoke from the Camp Fire, Tuesday, Nov. 13, 2018, in Sacramento, Calif. Smoke from the Camp Fire, which has been burning since last Thursday nearly 90 miles north of Sacramento, has blanketed much of Northern California. The fire has destroyed thousands of homes and killed dozens of people. (AP Photo/Rich Pedroncelli)
Shares in PG&E are trading at their lowest level in more than a decade with some Californians who have lost homes saying that the power company is at fault for the state's deadliest and most destructive wildfire.
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In a lawsuit filed this week, homeowners said a high voltage transmission line failed, sparking the fire. They accuse Pacific Gas & Electric Co. of failing to maintain infrastructure.
Shares in the San Francisco company plunged another 31 percent Wednesday, to $25.99. The have lost about 45 percent of their value since last week.
PG&E told state regulators last week that it experienced a problem on a transmission line just before the blaze erupted in the vicinity.
Investigators have not determined the cause of the blaze.
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