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 American Electric Power, Inc. who purchased shares between November 2, 2016 and July 24, 2020.
AEP and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company was involved in the “the largest public corruption case in Ohio history”; (ii) the Company secretly funneled significant funds to political operatives to bribe politicians to pass legislation beneficial to the Company (“HB6”); (iii) the Company partially funded a massive, misleading advertising campaign to support HB6 and concealed its involvement via a web of dark money entities and front companies; (iv) the Company aided efforts to undermine a ballot initiative to repeal HB6; (v) as a result of the foregoing, defendants’ Class Period statements regarding the Company’s regulatory and legislative efforts were materially false and misleading; (vi) as a result of the foregoing, the Company would face increased scrutiny; (vii) the Company was subject to undisclosed risk of reputational, legal and financial harm; (viii) the bribery scheme would jeopardize the benefits the Company sought by HB6; (ix) contrary to the Company’s repeated public statements regarding a transition to clean energy, it sought a dirty energy bailout; (x) contrary to the Company’s repeated public statements regarding protection of its customers’ interests, the Company sought an extra and state-mandated surcharge on its customers’ bills; and (xi) as a result of the foregoing, AEP’s financial statements were materially false and misleading at all relevant times.
On this news, the price of AEP’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 October 19, 2020 to request that the court appoint them lead plaintiff.