SAN FRANCISCO, July 22, 2020 /PRNewswire/ -- Hagens Berman urges FirstEnergy Corp. (NYSE: FE) investors who have suffered losses in excess of $50,000 to submit their losses now. The Firm has opened an investigation into FirstEnergy and certain investors may have valuable claims.
FirstEnergy Corp. (FE) Investigation:
The investigation centers on whether FirstEnergy adequately disclosed the legality and financial impact of its lobbying activities.
On July 21, 2020, multiple news outlets reported that the FBI had arrested Ohio House Speaker Larry Householder and four others in connection with an alleged $60 million illegal bribery scheme in return for Householder's support for legislation that ultimately passed in 2019, and which bailed out two nuclear power plants of Energy Harbor Corp., a former subsidiary of FirstEnergy. In addition, FirstEnergy announced that it had "received subpoenas in connection with the investigation surrounding" that legislation, Ohio House Bill 6.
In response to this news, analysts downgraded FirstEnergy and the price of FirstEnergy shares has cratered.
"We're focused on investors' losses and whether FirstEnergy misled investors about the purpose and legality of company expenditures," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of FirstEnergy and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding FirstEnergy should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
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Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP