American Electric Power Company, Inc. Class Action Lawsuit
- Company Name
- American Electric Power Company, Inc.
- Stock Symbol
- Class Period
- November 2, 2016 to July 24, 2020
- Motion Deadline
- October 19, 2020
- Southern District of Ohio
The American Electric Power Company, Inc. class action lawsuit charges American Electric Power and certain of its officers with violations of the Securities Exchange Act of 1934 and seeks to represent purchasers of American Electric Power securities between November 2, 2016 and July 24, 2020, inclusive (the “Class Period”). The American Electric Power class action lawsuit was commenced on August 20, 2020 in the Southern District of Ohio and is captioned Nickerson v. American Electric Power Company, Inc., No. 20-cv-04243.
American Electric Power is an electric public utility holding company that engages in the generation, transmission, and distribution of electricity for sale to retail and wholesale customers in the United States.
The American Electric Power class action lawsuit alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that, among other things: (i) American Electric Power covertly participated in the “the largest public corruption case in Ohio history”; (2) American Electric Power secretly funneled substantial funds to Ohio political organizations and politicians to bribe politicians to pass Ohio House Bill 6 (“HB6”), which benefitted the Company and its coal-fired generation assets; and (3) American Electric Power 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 American Electric Power’s involvement.
On July 25, 2020, the Columbus Dispatch published an article, entitled “Columbus utility giant [American Electric Power] funded dark money spending in HB 6 campaign,” which reported that “[a]n affidavit filed by an FBI agent in the racketeering case details spending of $350,000 by an unidentified ‘interest group that was funded exclusively by $13 million from another energy company that supported HB 6.’ A source close to the investigation confirmed to The Dispatch that the energy company is American Electric Power . . . .” On this news, American Electric Power’s stock price fell more than 5%, damaging investors.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased American Electric Power securities during the Class Period to seek appointment as lead plaintiff in the American Electric Power class action lawsuit. A lead plaintiff will act on behalf of all other class members in directing the American Electric Power class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the American Electric Power class action lawsuit. An investor’s ability to share in any potential future recovery of the American Electric Power class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the American Electric Power class action lawsuit or have questions concerning your rights regarding the American Electric Power class action lawsuit, please provide your information here or contact counsel, Michael Albert of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the American Electric Power class action lawsuit must be filed with the court no later than October 19, 2020.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For seven consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations and the media as leading lawyers in the industry.