FirstEnergy Hit With Stock-Drop Suit For $60M Bribery Reveal
Law360 (July 28, 2020, 8:05 PM EDT) -- A shareholder hit FirstEnergy Corp. with a proposed class action in an Ohio federal court Tuesday over allegations that the utility paid Ohio lawmakers $60 million to arrange a $1 billion bailout, saying news of the charges sent the company's stock price plunging 45%.
The complaint by shareholder Diane Owens alleges that she and other FirstEnergy investors sustained massive losses thanks to what she said were the utility's lies about how it was dealing with the financial problems around its nuclear power plants.
"Specifically, defendants touted FirstEnergy's legislative 'solutions' to problems with its nuclear facilities, but failed to disclose that these...
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