AMERICAN ENERGY SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against American Electric Power, Inc. - AEP
NEW ORLEANS, Aug. 21, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have untilOctober 19, 2020to file lead plaintiff applications in a securities class action lawsuit against American Electric Power, Inc. ("AEP") (NYSE: AEP), if they purchased the Company's securities between November 2, 2016 and July 24, 2020, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Ohio.
What You May Do
If you purchased securities of AEP and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-aep/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 19, 2020.
About the Lawsuit
AEP and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company was involved in the "the largest public corruption case in Ohio history"; (ii) the Company secretly funneled significant funds to political operatives to bribe politicians to pass legislation beneficial to the Company ("HB6"); (iii) the Company partially funded a massive, misleading advertising campaign to support HB6 and concealed its involvement via a web of dark money entities and front companies; (iv) the Company aided efforts to undermine a ballot initiative to repeal HB6; (v) as a result of the foregoing, defendants' Class Period statements regarding the Company's regulatory and legislative efforts were materially false and misleading; (vi) as a result of the foregoing, the Company would face increased scrutiny; (vii) the Company was subject to undisclosed risk of reputational, legal and financial harm; (viii) the bribery scheme would jeopardize the benefits the Company sought by HB6; (ix) contrary to the Company's repeated public statements regarding a transition to clean energy, it sought a dirty energy bailout; (x) 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 (xi) as a result of the foregoing, AEP's financial statements were materially false and misleading at all relevant times.
On this news, the price of AEP's shares plummeted.
The case is Nickerson v. American Electric Power, Inc., No. 20-cv-4243.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.