NEW YORK, Nov. 8, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of Ohio, Eastern Division, civil action number C2-02-1104, on behalf of all persons or entities who purchased or otherwise acquired Equity Units of American Electric Power Company, Inc. ("AEP" or the "Company") (NYSE:AEP) on or traceable to AEP's pubic offering between June 6, 2002 and October 9, 2002, both dates inclusive (the "Class Period").
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants AEP, certain AEP officers and directors, Goldman Sachs & Co., J. P. Morgan Securities Inc., and Salomon Smith Barney Inc. violated section 11 of the Securities Act of 1933. Specifically, it is alleged that defendants made material misrepresentations in AEP's Registration Statement, Prospectus and Prospectus Supplement ("Offering Documents") for the offering (the "Offering") of 6 million 9.25% AEP Equity Units at $50 per Unit, and which resulted in artificially inflating the price of the Equity Units. Defendants allegedly materially overstated AEP's revenues and financial results in the Offering Documents, and failed to disclose that five AEP traders had been dismissed for reporting false and misleading energy pricing information for the use in indexes compiled by trade publications, and that AEP had engaged in "round trip" or "wash" energy transactions. On October 9, 2002, when defendants finally revealed this information, AEP Equity Units closed at $27.75, a drop of almost 45% from the Offering price.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased or otherwise acquired AEP Equity Units during the Class Period described above, you may, no later than December 21, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.