New York, New York--(Newsfile Corp. - August 26, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of FirstEnergy Corp. (NYSE: FE) alleging that the Company violated federal securities laws.
Class Period: February 21, 2017 and July 21, 2020
Lead Plaintiff Deadline: September 28, 2020
Learn more about your recoverable losses in DNK:
The filed complaint alleges that FirstEnergy Corp. made materially 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.
Shareholders have until September 28, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the FE lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
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