The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of American Electric Power Company, Inc. (NYSE: AEP) who purchased shares between November 2, 2016 and July 24, 2020. The action, which was filed in the United States District Court for the Southern District of Ohio, alleges that the Company violated federal securities laws.
In particular, the American Electric lawsuit alleges that (1) the Company covertly participated in the “the largest public corruption case in Ohio history”; (2) the Company secretly funneled substantial funds to Ohio political organizations and politicians to bribe politicians to pass Ohio House Bill 6 (“HB6”), which benefited the Company and its coal-fired generation assets; (3) the Company partially funded a massive, misleading advertising campaign in support of HB6 and in opposition to a ballot initiative to repeal HB6 by passing substantial sums through a web of dark money entities and front companies in order to conceal the Company’s involvement; (4) the Company aided in subverting a citizens’ ballot initiative to repeal HB6; (5) as a result of the foregoing, defendants' statements regarding the Company’s regulatory and legislative efforts were materially false and misleading; 6) as a result of the foregoing, the Company would face increased scrutiny; (7) the Company was subject to undisclosed risk of reputational, legal, and financial harm; (8) the bribery scheme would jeopardize the benefits the Company sought brought by HB6; (9) as opposed to the its repeated public statements regarding a move to clean energy, the Company sought a dirty energy bailout; (10) as opposed 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 (11) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until October 19, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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