California-based utility PG&E's shares plunged 20 percent Friday after media reports claimed the company may file for bankruptcy amid mounting lawsuits

PG&E said it plans to shake up its board as it responds to concerns that it could face billions of dollars in liabilities related to the recent deadly wildfires in California.

California utility company PG&E Corp is exploring filing some or all of its business for bankruptcy protection as it faces billions of dollars in liabilities related to fatal wildfires in 2018 and 2017, people familiar with the matter said on Friday.

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PG&E falsified natural gas pipeline-safety records over a five-year period ending in 2017, California regulators said, dealing another blow to the state’s largest utility.