CLEVELAND — "After its bailout-driven success, FirstEnergy’s fortunes took an unwelcome turn July 21.
That’s when federal authorities released a criminal complaint detailing how 'Company A' — a clear reference to FirstEnergy — spent $60 million to get a well-known Republican named Larry Householder selected as Ohio’s House speaker, finance his bailout passage efforts and prevent Ohioans from having their say about the legislation at the polls.
FirstEnergy’s stock price plummeted nearly 35% within two days and has yet to rebound. Independent board members have called for an internal investigation and shareholders have filed at least four potential class-action lawsuits alleging FirstEnergy’s executives committed fraud and concealed an 'illicit campaign' to secure the bailout."
— Mark Gillespie and John Seewar, Associated Press