NEW YORK, NY / ACCESSWIRE / July 22, 2020 / Labaton Sucharow LLP, a leading investor rights law firm announces it is investigating potential securities violations on behalf of stock, option, and derivative investors of FirstEnergy Corp (NYSE:FE) in the wake of allegations by federal authorities that Ohio Speaker Larry Householder and four associates funneled $60 million in dark money from an unnamed company to install a "power base" in the House and pass HB-6, a $1.5 billion taxpayer-funded bailout for FirstEnergy's nuclear and coal power plants.
FirstEnergy Corp, through its subsidiaries, generates, transmits, and distributes electricity in the United States. The company operates through Regulated Distribution and Regulated Transmission segments. It owns and operates coal-fired, nuclear, hydroelectric, natural gas, wind, and solar power generating facilities.
The investigation focuses on whether FirstEnergy issued false and misleading statements regarding its business practices, internal controls, and prospects. Specifically, FirstEnergy allegedly spent approximately $2.9 million on Larry Householder's 2017 campaign. Householder became Ohio House Speaker in 2019 and allegedly returned the favor by enacting laws to support FirstEnergy's nuclear plants as well as a pair of coal plants. In total, political donations and bribes by FirstEnergy and other parties involved may have totaled as much as $60 million.
Householder and his alleged accomplices have been charged federally with "conspiracy to participate, directly or indirectly, in the conduct of an enterprise's affairs through a pattern of racketeering activity."
If you are a current FirstEnergy shareholder, option or derivative holder and wish to learn more or discuss the issues surrounding the investigation, please contact David J. Schwartz using the toll-free number (800) 321-0476 or via email at [email protected].
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SOURCE: Labaton Sucharow LLP