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Lawsuit filed for Investors in shares of FirstEnergy Corp. (NYSE: FE)

08-05-2020 12:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in FirstEnergy Corp. (NYSE: FE) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in FirstEnergy Corp. (NYSE: FE) shares over alleged securities laws violations.

An investor, who purchased shares of FirstEnergy Corp. (NYSE: FE), filed a lawsuit over alleged violations of Federal Securities Laws by FirstEnergy Corp.

Investors who purchased shares of FirstEnergy Corp. (NYSE: FE) have certain options and for certain investors are short and strict deadlines running. Deadline: September 28, 2020. NYSE: FE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On July 21, 2020, federal agents announced the arrest of Householder and four others persons, including a prominent FirstEnergy lobbyist, in connection with a $60 million racketeering and bribery scheme. The 82-page criminal complaint and affidavit detailed an alleged pay-to-play scheme in which FirstEnergy corrupted every facet of the legislative process in order to ensure the passage of HB6, including defending the bill against a citizens’ ballot initiative. Prosecutors described the case as involving the “‘largest bribery, money-laundering scheme’” in Ohio history.

Shares of FirstEnergy Corp. (NYSE: FE) declined from over $52 per share in February 2020, to as low as $22.85 per share on July 22, 2020.

The plaintiff claims that between February 21, 2017 and July 21, 2020, the defendants touted FirstEnergy’s legislative “solutions” to problems with its nuclear facilities, but failed to disclose that these “solutions” centered on an illicit campaign to corrupt high-profile state legislators in order to secure legislation favoring the Company, that over a nearly three-year period, 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 (“HB6”), which provided a $1.3 billion ratepayer-funded bailout to keep the Company’s failing nuclear facilities in operation. In addition, defendants falsely represented that they were complying with state and federal laws and regulations regarding regulatory matters between February 21, 2017 and July 21, 2020, exposing the Company and its investors to the extreme undisclosed risks of reputational, legal and financial harm, and that as a result of defendants’ false statements and omissions, the price of FirstEnergy stock was artificially inflated to a high of more than $50 per share between February 21, 2017 and July 21, 2020, and Company insiders were able to sell more than $17 million worth of their FirstEnergy shares at these artificially inflated prices.

Those who purchased shares of FirstEnergy Corp. (NYSE: FE) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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