SAN FRANCISCO, CA / ACCESSWIRE / July 10, 2023 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP urges shareholders in NextEra Energy, Inc. ("NextEra" or the "Company") who suffered losses from trading NextEra securities (NYSE:NEE) between December 2, 2021 and February 1, 2023 to contact our Securities and Investment Fraud practice group immediately regarding pending securities fraud class action against NextEra. The final date to apply to be a lead plaintiff is July 25, 2023.
Class Period: December 2, 2021 - February 1, 2023
Lead Plaintiff Motion Deadline: July 25, 2023
Case information: lieffcabraser.com/securities/nextera
Contact us: Email or text [email protected] or call 1-800-541-7358
NextEra is a power and utility holding company based in Florida. NextEra's primary subsidiary, Florida Power and Light Co. ("FPL"), is the largest electric utility in the United States.
The action alleges that defendants made false and/or misleading statements and/or failed to disclose that NextEra was exposed to significant legal and reputational risk relating to allegations that FPL and its political consulting firm, Matrix LLC ("Matrix"), had violated state and federal campaign finance laws.
Beginning in December 2021 and continuing through 2022, news outlets reported that FPL and its political consultants had funneled millions of dollars through dark money organizations toward improper activities, including funding "ghost candidates" for the sole purpose of directing votes away from disfavored candidates in close elections, spying on journalists, and dictating positive news coverage by a local news organization.
NextEra and FPL responded to this negative coverage by publicly denying involvement in, or provision of financial support for, any "ghost candidates," as well as other wrongdoing. These denials were misleading because senior executives of FPL - including its CEO, Eric Silagy - appears to have participated in the wrongdoing alleged by news outlets.
On January 25, 2023, NextEra disclosed that FPL was at higher risk for legal and reputational damage due to the allegations of political misconduct against FPL and its executives. NextEra also announced that Silagy resigned. On this news, the price of NextEra shares fell 8.71% to close at $76.59 per share on January 25, 2023.
The price of NextEra shares fell an additional $1.96 per share, or 2.55%, between January 26, 2023 and January 31, 2023, on reports that NextEra executives disclosed to analysts that Silagy's exit agreement included a multi-year "claw back on compensation for any legal wrongdoing," thereby acknowledging the link between Silagy's departure and the new risk disclosure statement concerning legal and reputational risk arising from political misconduct.
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SOURCE: Lieff Cabraser Heimann & Bernstein, LLP