FirstEnergy, Corp. made false and misleading statements to the market. FirstEnergy and associated organizations and individuals were the architects of a $60 million scheme which involved bribery as well as the corruption of the political process, with the goal of securing legislation favorable to its interest. FirstEnergy secretly bribed Ohio politicians with tens of millions of dollars to secure support for Ohio House Bill 6 (“HB 6”), a $1.3 billion ratepayer bailout of FirstEnergy’s unprofitable nuclear generation plants. The company funneled millions of dollars through “dark money” organizations in order to conduct a misleading advertising campaign which was in favor of the bill, all the while concealing the company’s involvement. FirstEnergy hired 15 signature-gathering firms while bribing others involved in a ballot initiative aimed at repeal of HB6 in order to thwart the effort. Based on these facts, FirstEnergy made public statements that were false and materially misleading throughout the class period. When the truth about FirstEnergy, Corp. was revealed to the market, investors suffered damages.
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