| Company: | FirstEnergy Corp. |
| Ticker Symbol: | NYSE: FE |
| Class Period: | April 24, 2002 to August 14, 2003 |
| Court: | Northern District, OH |
| Date Filed: | Aug-27-03 |
| Lead Plaintiff Deadline: | Oct-10-03 |
| Allegations: |
The Complaint names as defendants FirstEnergy Corp., H. Peter Berg, Anthony J. Alexander, Richard H. Marsh, Harvey L. Wagner, Carol A. Cartwright, Robert B. Heisler, Jr., Robert L. Loughhead, Russell W. Maier, John M. Pietruski, Robert N. Pokelwaldt, Paul J. Powers, Catherine A. Rein, Robert C. Savage, George M. Smart, Jesse T. Williams, Sr., Dr. Patricia K. Woolf, Paul T. Addison, William T. Cottle, William F. Conway and Carlisle A. H. Trost. The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period thereby artificially inflating the price of FirstEnergy securities.
The Complaint alleges that defendants issued a series of materially false and misleading press releases and filings with the Securities and Exchange Commission throughout the Class Period concerning the Company's publicly reported revenues and earnings. In particular, it is alleged that defendants had improperly accounted for costs incurred in connection with the deregulation of certain of its businesses by employing an inappropriately long amortization schedule, thereby understating costs and materially and artificially inflating earnings during the Class Period. On August 5, 2003, FirstEnergy issued a press release announcing that it would have to restate its financial results for fiscal year 2002 and the first quarter of 2003 due to its improper accounting for its annual amortization expenses and for above-market leases. Moreover, the Company stated that its financial statements could not be relied upon. On this news, FirstEnergy common stock fell 8.5% to close at $31.33 on unusually high trading volume of 5.4 million shares.
If you acquired the securities of FirstEnergy Corp. during the Class Period you may, no later than October 10, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
