SAN DIEGO, April 12, 2022 (GLOBE NEWSWIRE) -- National law firm Morris Kandinov is investigating the actions of the officers and board of directors of FirstEnergy Corp., First High-School Education Group Co., Power REIT, and SolarWinds Corporation. If you are a current owner of shares of any of these stocks, contact leo@moka.law.
FirstEnergy Corp. (NYSE: FE) Accused of Misleading Investors
On March 7, 2022, Judge Algenon L. Marbley of the United States District Court for the Southern District of Ohio issued an order denying in part the defendants’ motion to dismiss in the pending securities class action against FirstEnergy Corp., paving the way for litigation to proceed. The securities class action alleges that defendants made misrepresentations about the Company’s business, operations, and prospects. According to the complaint, at the end of fiscal 2016, FirstEnergy reported a weak energy market, poor forecast demand, and hundreds of millions of dollars in losses. To alleviate investor concern, FirstEnergy stated in its annual report for 2016 that it intended to pursue "legislative or regulatory solutions" to remedy its dismal financial prospects. However, FirstEnergy failed to disclose that these solutions included an illicit campaign that funneled tens of millions of dollars to state lawmakers, including Ohio House Speaker Larry Householder, issuing misleading messages on media platforms, and illegally thwarting a citizen's ballot initiative to secure the votes for passage of Ohio House Bill 6 ("HB6"), which provided a $1.3 billion ratepayer-funded bailout to keep FirstEnergy's nuclear facilities in operation. On July 21, 2020, federal agents announced the arrest of Householder and four other individuals, including a prominent FirstEnergy lobbyist in connection with a $60 million racketeering and bribery scheme. The criminal complaint described FirstEnergy's extensive bribery scheme and corruptive tactics to ensure the passage of HB6 as "the largest bribery, money-laundering scheme" in Ohio history. On this news, the price of FirstEnergy stock plummeted, trading as low as $22.85 per share on July 22, 2020, representing a 45% decline from its closing price of $41.26 per share on July 20, 2020. Morris Kandinov is investigating FirstEnergy regarding possible breaches of fiduciary duties and other violations of law on behalf of shareholders. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
First High-School Education Group Co., Ltd. (NYSE: FHS) Shareholder Rights Investigation
Morris Kandinov is investigating First High-School Education Group Co., Ltd. regarding corporate governance failures, possible breaches of fiduciary duties and other violations of law related to recent transactions and/or events at the company. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Power REIT (NYSE: PW) Shareholder Rights Investigation
Morris Kandinov is investigating Power REIT regarding corporate governance failures, possible breaches of fiduciary duties and other violations of law related to recent transactions and/or events at the company. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
SolarWinds Corporation (NYSE: SWI) Accused of Misleading Investors
On March 30, 2022, Judge Robert Pitman of the United States District Court for the Western District of Texas issued an order denying in part the defendants’ motion to dismiss in the pending securities class action against SolarWinds Corporation, paving the way for litigation to proceed. The securities class action alleges that defendants made misrepresentations about the Company’s business, operations, and prospects. SolarWinds regularly touted its robust security controls and commitment to prioritizing customers' security and privacy concerns. In reality, the Company failed to employ adequate cybersecurity safeguards and did not maintain effective monitoring systems to detect and neutralize security breaches. On December 13, 2020, Reuters reported that hackers allegedly working for the Russian government had monitored email traffic at the U.S. Treasury and Commerce departments and had gained access to the agencies' email traffic by interfering with updates released by SolarWinds, which services various government vendors in the executive branch, the military, and the intelligence services. In an 8-K filed with the U.S. Securities and Exchange Commission the next day, SolarWinds confirmed that its Orion monitoring products had been hacked. SolarWinds further disclosed that the network of as many as 18,000 customers might have been compromised by the maliciously coded Orion updates. On this news, SolarWind's stock fell approximately 17% to close at $19.62 per share on December 14, 2020. The stock is currently trading at approximately $12 a share. Morris Kandinov is investigating SolarWinds Corporation regarding possible breaches of fiduciary duties and other violations of law on behalf of shareholders. To learn more about this investigation and your rights, visit: https://moka.law/case-contact-form/. Representation is contingency based, no out of pocket costs.
Concerned shareholders are encouraged to contact Leo Kandinov to learn more:
leo@moka.law
(619) 780-3993
moka.law
Morris Kandinov LLP is a national law firm that specializes in recovering investment losses and protecting stockholder rights. We work on contingency (i.e., you do not pay our fees out-of-pocket), and our attorneys have made substantial recoveries for investors in jurisdictions across the country. The firm would be happy to further discuss these matters, and any legal rights or remedies potentially available to you, at no charge.
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Contact:
Leo Kandinov, Partner
leo@moka.law
619-780-3993
550 West B Street, 4th Floor
San Diego, CA 92101
moka.law
