An investigation on behalf of current long term investors in FirstEnergy Corp. (NYSE:FE) shares over possible breaches of fiduciary duty by certain officers and directors was announced.
San Diego, CA -- (SBWIRE) -- 11/10/2020 -- Certain directors of FirstEnergy Corp. are under investigation concerning potential breaches of fiduciary duties.
Investors who are current long term investors in FirstEnergy Corp. (NYSE: FE) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NYSE: FE stocks follows a lawsuit filed against FirstEnergy Corp. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE: FE stocks, concerns whether certain FirstEnergy directors are liable in connection with the allegations made in that lawsuit.
The plaintiff alleges that the defendants touted FirstEnergy's legislative "solutions" to problems with its nuclear facilities, but failed to disclose that these "solutions" centered on an illicit campaign to corrupt high-profile state legislators in order to secure legislation favoring the Company, that over a nearly three-year period, FirstEnergy and its affiliates funneled more than $60 million to prominent state politicians and lobbyists, including Ohio Speaker Larry Householder, in order to secure the passage of Ohio House Bill 6 ("HB6"), which provided a $1.3 billion ratepayer-funded bailout to keep the Company's failing nuclear facilities in operation. In addition, defendants falsely represented that they were complying with state and federal laws and regulations regarding regulatory matters between February 21, 2017 and July 21, 2020, exposing the Company and its investors to the extreme undisclosed risks of reputational, legal and financial harm, and that as a result of defendants' false statements and omissions, the price of FirstEnergy stock was artificially inflated to a high of more than $50 per share between February 21, 2017 and July 21, 2020, and Company insiders were able to sell more than $17 million worth of their FirstEnergy shares at these artificially inflated prices.
Those who purchased shares of FirstEnergy Corp. (NYSE: FE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.