FirstEnergy Corp. Stock Plummets 45% Following News of $60 Million Bribery Scheme: Murphy Law Firm Announces Class Action Lawsuit on Behalf of Investors
Oklahoma City, Oklahoma--(Newsfile Corp. - July 29, 2020) - Murphy Law Firm announces that a class action lawsuit has been filed on behalf of investors who purchased FirstEnergy Corp. (NYSE: FE) securities between February 21, 2017 and July 21, 2020 (the "Class Period"). The lawsuit alleges that certain FirstEnergy executive officers fraudulently misled investors by failing to disclose that the Company was illicitly funneling more than $60 million to politicians and lobbyists in exchange for legislation that provided a $1.3 billion bailout to FirstEnergy's failing nuclear facilities. The bribery scheme was exposed on July 21, 2020 when federal agents announced the arrests of five prominent figures, including Ohio Speaker Larry Householder. On this news, FirstEnergy's stock price dropped 45% over the course of just two trading days. The lawsuit seeks to recover monetary damages for FirstEnergy investors.
To join the lawsuit, go to https://www.murphylegalfirm.com/cases/FirstEnergy-landing/ or email email@example.com for more information about the class action.
The lawsuit alleges that defendants made materially false and misleading statements to investors by misrepresenting FirstEnergy's corporate opportunities, financial position, and its purported compliance with state and federal laws. As a result of defendants' false statements and omissions, the price of FirstEnergy stock was artificially inflated to a high of more than $50 per share during the Class Period, and Company insiders were able to sell more than $17 million worth of their FirstEnergy shares at these artificially inflated prices. When the true facts were revealed to the market, the price of FirstEnergy stock fell from $41.26 per share to $22.85 per share, a 45% drop, over just two trading days, causing substantial losses for investors.
Join the Class Action: https://www.murphylegalfirm.com/cases/FirstEnergy-landing/
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60759