American Electric Power Company, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Ohio on behalf of those who acquired American Electric Power Company, Inc. (“AEP” or the “Company”) (NYSE: AEP) securities during the period from November 2, 2016 through July 24, 2020, inclusive (the "Class Period"). Investors have until October 19, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) AEP covertly participated in the “the largest public corruption case in Ohio history”; (2) AEP secretly funneled substantial funds to Ohio political organizations and politicians to bribe politicians to pass Ohio House Bill 6, which benefited the Company and its coal-fired generation assets; (3) AEP 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 AEP’s involvement; (4) AEP aided in subverting a citizens’ ballot initiative to repeal HB6; (5) as a result of the foregoing, defendants’ Class Period statements regarding AEP’s regulatory and legislative efforts were materially false and misleading; (6) as a result of the foregoing, the Company would face increased scrutiny; (7) AEP 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 AEP’s repeated public statements regarding a move to clean energy, it sought a dirty energy bailout; (10) as opposed to AEP’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.
If you acquired AEP securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.