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Updated Tuesday, August 12, 2003
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Posted on Tue, Aug. 12, 2003 story:PUB_DESC
Class-action suit hits FirstEnergy

FirstEnergy Corp. is the target of a class-action lawsuit filed shortly after the Akron utility last week announced it will have to restate earnings.

The lawsuit, filed late Friday afternoon in U.S. District Court for the Northern District of Ohio, claims FirstEnergy executives violated securities law and defrauded investors by misstating and misrepresenting the company's finances.

The company fully disclosed its financial condition, FirstEnergy spokesman Ralph DiNicola said.

It's not unusual for class-action lawsuits to be filed after a company restates earnings, he said.

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