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LOS ANGELES, Oct. 16, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of American Electric Power Company, Inc. ("AEP" or "the Company") (NYSE: AEP) investors that acquired securities between November 2, 2016 and July 24, 2020.
On July 21, 2020, Ohio House Speaker Larry Householder was arrested by Federal Bureau of Investigation agents in connection with an alleged illicit scheme which involved bribery in exchange for Householder's public support of Ohio's House Bill 6 ("HB6"), a state-funded bailout of two nuclear power plants which also added an additional monthly fee to subsidize coal plants in Indiana and Ohio and eliminated state-imposed mandates regarding renewable energy and energy efficiency.
Then on July 25, 2020, it was reported in the Columbus Dispatch that AEP, a beneficiary of HB6, made significant financial contributions to organizations and politicians that supported the passage of HB6.
On this news, the Company’s share price fell $4.79 per share, equivalent to 5%, to close at $83.26 per share on July 27, 2020, the following trading day.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.