American Electric Power Company, Inc.
| Company Name | American Electric Power Company, Inc. |
| Stock Symbol | AEP |
| Class Period | November 22, 2016 to July 24, 2020 |
| Lead Plaintiff Motion Deadline | October 19, 2020 |
On July 26, 2020, the Columbus Dispatch reported allegations that a “dark-money” group funded by AEP contributed to the campaign of Ohio House speaker, Larry Householder, who is allegedly involved in an Ohio nuclear bribery and racketeering case.
On this news, the Company’s share price fell $4.79 per share, or 5.44%, to close at $83.26 per share on July 27, 2020, thereby injuring investors.
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 “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 benefitted 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) as opposed to the Company’s repeated public statements regarding a move to clean energy, it sought a dirty energy bailout; (10) as opposed 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 its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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