FirstEnergy Corp. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of Ohio on behalf of investors who purchased FirstEnergy Corp. (NYSE: FE) securities between February 21, 2017 and July 21, 2020.
According to the FirstEnergy lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the legislative “solutions” that defendants claimed would resolve problems with the Company’s nuclear facilities were centered on an illicit campaign to corrupt high-profile state legislators and thus secure legislation favoring the FirstEnergy; (2) over roughly three years, FirstEnergy and its affiliates funneled more than $60 million to prominent state politicians and lobbyists, including Ohio Speaker Larry Householder, in order to secure the passage of Ohio House Bill 6, which provided a $1.3 billion ratepayer-funded bailout to keep the Company’s failing nuclear facilities in operation; (3) defendants falsely represented that they were complying with state and federal laws and regulations regarding regulatory matters throughout the Class Period, exposing the Company and its investors to the extreme risks of reputational, legal, and financial harm; (4) as a result of defendants’ false statements and omissions, FirstEnergy insiders were able to sell more than $17 million worth of their FirstEnergy shares at artificially inflated prices.
If you suffered a loss in FirstEnergy you have until September 28, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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