In This Article:
New York, New York--(Newsfile Corp. - August 25, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in American Electric Power Company, Inc. ("AEP" or the "Company") (NYSE: AEP) 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 invested in AEP stock or options between November 2, 2016 and July 24, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/AEP. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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 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.