NEW YORK, Sept. 25, 2020 (GLOBE NEWSWIRE) -- Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of American Electric Power Company, Inc. (NYSE: AEP) between November 2, 2016 and July 24, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover investor losses under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
To join the class action, go to http://zhanginvestorlaw.com/join-action-form/?slug=american-electric-power-company-inc&id=2365 or call Sophie Zhang, Esq. toll-free at 800-991-3756 or email firstname.lastname@example.org for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed 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.
Lead plaintiff status is not required to seek compensation. You may retain counsel of your choice. You may remain an absent class member and take no action at this time.
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