Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In American Electric Power Company, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading minority and certified woman-owned national securities law firm, is investigating potential claims against American Electric Power Company, Inc. (“AEP” or the “Company”) (NYSE:AEP) and reminds investors of the October 19, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in AEP stock or options between November 2, 2016 and July 24, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact Faruqi & Faruqi partner James Wilson toll free at 877-247-4292 or 212-983-9330 (Ext. 1310) or by emailing him at firstname.lastname@example.org to discuss your rights and options.
The lawsuit has been filed in the U.S. District Court for the Southern District of Ohio on behalf of all those who purchased AEP securities between November 2, 2016 and July 24, 2020 (the “Class Period”). The case, Nickerson v. American Electric Power Company, Inc. et al., No. 20-cv-04243 was filed on [August 20, 2020], and has been assigned to Judge Sarah D. Morrison.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose 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, which benefitted 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’ Class Period 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 by HB6; (9) as opposed to the Company’s repeated public statements regarding a move to clean energy, it 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 25, 2020, the Columbus Dispatch published an article entitled “Columbus utility giant AEP funded dark money spending in HB 6 campaign.” The article alleged, among other things, that AEP “contributed $350,000 toward the campaigns now at the center of a racketeering and bribery case that ensnared House Speaker Larry Householder.”
On this news, the Company's stock price fell from $88.05 per share on July 24, 2020 to $83.26 per share on July 27, 2020: a $4.79 or 5.44% drop.
American Electric Power Company (AEP)
* The submission of this form does not create an attorney-client relationship.
Filed on 08/20/2020
Lead Plaintiff Deadline 10/19/2020
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Robert W. Killorin email@example.com Phone (404) 847-0617 Fax (404) 506-9534
James M. Wilson, Jr. firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331