An investigation on behalf of investors of FirstEnergy Corp. (NYSE: FE) shares over potential securities laws violations by FirstEnergy Corp. and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of FirstEnergy Corp. (NYSE: FE) concerning whether a series of statements by FirstEnergy Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Akorn, OH based FirstEnergy Corp., through its subsidiaries, generates, transmits, and distributes electricity in the United States. FirstEnergy Corp. reported that its annual Total Revenue declined from over $11.26 billion in 2018 to $11.03 billion in 2019, and that its Net Income declined from over $1.34 billion in 2018 to $912 million in 2019. Shares of FirstEnergy Corp. (NYSE: FE) grew from $35.57 per share in December 2018 to as high as $52.52 per share on February 18, 2020.


On July 21, 2020, media reported, in connection with the arrest of an Ohio lawmaker, that FirstEnergy Corp. engaged in an illegal scheme to have taxpayers bail out the Company's nuclear power plants. FirstEnergy Corp. also disclosed that it had received subpoenas in connection with an investigation into the passage of Ohio House Bill 6.

Shares of FirstEnergy Corp. (NYSE: FE) declined from over $52 per share in February 2020, to as low as $22.85 per share on July 22, 2020.