Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of Ohio on behalf of shareholders of FirstEnergy Corp. who purchased shares between February 21, 2017 and July 21, 2020.
FirstEnergy and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On July 21, 2020, federal law enforcement officials announced the arrest of Ohio House Speaker Larry Householder and others in connection with a $60 million racketeering and bribery scheme designed to ensure the passage of legislation that included a billion-dollar bailout of two failing nuclear power plants owned by the Company’s former subsidiary and operated by the Company. Further, the Company disclosed the same day that it had received subpoenas in connection with the investigation, which is ongoing.
On this news, the price of FirstEnergy’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until September 28, 2020 to request that the court appoint them lead plaintiff.