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FE Stock: Berger Montague Investigates Alleged Securities Fraud Claims Against FirstEnergy Corp. Related to $60M Bribery Scheme

DATE: July 23, 2020

PHILADELPHIA, July 22, 2020 – Berger Montague is investigating possible securities violations by FirstEnergy Corp. (“FirstEnergy” or the “Company”) (NYSE: FE) and its top executives related to an alleged $60 million scheme to bribe Ohio officials to pass legislation known as Ohio House Bill 6, bailing out two troubled nuclear power plants owned by FirstEnergy and its subsidiary Energy Harbor (OTC: ENGH).

If you purchased FirstEnergy and/or Energy Harbor securities from January 1, 2016 through the present, have questions concerning your rights or interests, or would like to discuss Berger Montague’s investigation, please contact attorneys Michael Dell’Angelo at (215) 875-3080 or Andrew Abramowitz at (215) 875-3015, or contact us at www.bergermontague.com/firstenergy.

On July 21, 2020, the US Attorney General for the Southern District of Ohio announced that it had arrested and charged Larry Householder, Ohio House Speaker, and four other individuals, including Householder’s longtime campaign manager and strategist, as well as three lobbyists, with criminal conspiracy and other charges arising from their involvement in a bribery scheme to pass Ohio House Bill 6 and bail out troubled nuclear power plants owned by FirstEnergy. According to the unsealed complaints, the bribery scheme was funded by an unidentified “Company A.”

That same day, FirstEnergy revealed that it had “received subpoenas in connection with the investigation surrounding Ohio House Bill 6.” FirstEnergy’s stock declined 17% on Tuesday, and Energy Harbor shares fell 21%. Since the news was first announced, FirstEnergy’s stock has declined more than 36% and investors have lost more than $6 billion in equity.

Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.