NEW YORK, Sept. 17, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action that has been filed on behalf of investors that purchased or acquired the securities of American Electric Power Company, Inc. ("AEP" or the "Company") (NYSE: AEP) between November 2, 2016 and July 24, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of Ohio alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed 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 benefited 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) contrary to the Company's repeated public statements regarding a move to clean energy, it sought a dirty energy bailout; (10) contrary 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 AEP's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On July 25, 2020, the Columbus Dispatch published an article entitled "Columbus utility giant AEP funded dark money spending in HB 6 campaign" which reported on the Company's actions in connection with the growing scandal.
On this news, AEP shares fell $4.79 per share, or over 5%, to close at $83.26 per share on July 27, 2020, the next trading day, on unusually heavy trading volume, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than October 19, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.