LOS ANGELES, Aug. 07, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of First Energy Corp. (NASDAQ: ) investors that acquired shares between February 21, 2017 and July 21, 2020. Investors have until September 28, 2020 to seek an active role in this litigation.
Investors are encouraged to contact attorney to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) FirstEnergy and its representatives and affiliates had orchestrated a $60 million campaign to corrupt the political process in order to secure the passage of legislation favoring the Company and its affiliates; (2) FirstEnergy and its representatives and affiliates had secretly funneled tens of millions of dollars to Ohio politicians to bribe those politicians in order to secure votes in favor of Ohio House Bill 6 (“HB 6”), a $1.3 billion ratepayer bailout for FirstEnergy’s unprofitable nuclear facilities; (3) FirstEnergy and its representatives and affiliates had conducted a massive, misleading advertising campaign in support of HB6 and in opposition to a ballot initiative to repeal HB6 by passing millions of dollars through an intricate web of ‘dark money’ entities and front companies in order to conceal the Company’s involvement; (4) FirstEnergy and its representatives and affiliates had subverted a citizens’ ballot initiative to repeal HB6 by, among other unscrupulous tactics, hiring more than 15 signature gathering firms (and thus conflicting them out of supporting the initiative) and bribing ballot initiative insiders and signature collectors; (5) as a result of the foregoing, defendants’ Class Period statements regarding FirstEnergy’s regulatory and legislative efforts were materially false and misleading; and (6) as a result of the foregoing, FirstEnergy was subject to an extreme, undisclosed risk of reputational, legal and financial harm. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 28, 2020.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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