According to the docket posted, on January 7, 2002, the Court entered Judgment in favor of the defendants at the plaintiffs’ costs. However, on January 24, 2002, the plaintiffs filed a notice of appeal from the December 26, 2001 Order granting the motion to dismiss the consolidated amended complaint. On March 27, 2002, the Court entered the Order from the Sixth Circuit Court of Appeals dismissing the appeal.
In a press release issue by American Electric Power in 2001, a consolidated shareholder class action suit against American Electric Power (NYSE: AEP) concerning disclosures related to an extended outage at the company´s D.C. Cook Nuclear Plant was dismissed with prejudice in an order filed Dec. 26 by U.S. District Judge James Graham. The suit, filed June 23, 2000, claimed that AEP had made misleading statements concerning the condition, length of outage and the cost of restart of the Cook plant, which artificially inflated the company´s stock price and damaged shareholders.
On September 26, 2000, the Court entered the Order consolidating the cases and appointing lead plaintiffs and lead counsel. On December 14, 2000, the Court issued an Order transferring the case from the U.S. District Court for the Eastern District of New York to the Southern District of Ohio, Eastern Division. On January 4, 2001, a Consolidated Amended Complaint was filed and the defendants responded by filing a motion to dismiss the Consolidated Amended Complaint.
The original complaint seeks damages for violations of the federal securities laws on behalf of all investors who purchased AEP common stock between July 25, 1997 and June 25, 1999 (the Class Period).
The lawsuit alleges that AEP and certain of its officers violated the federal securities laws. Specifically, the complaint charges that AEP made materially false and misleading statements regarding the impaired condition of its D.C. Cook nuclear power plant and the adverse affect that the problems had, and would have, on the company’s business and its financial results. As a result, the complaint alleges that the price of AEP common stock was artificially inflated during the Class Period.