SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of NextEra Energy, Inc. (NYSE: NEE) securities between December 2, 2021 and February 1, 2023, inclusive (the “Class Period”) have until July 25, 2023 to seek appointment as lead plaintiff of the NextEra Energy class action lawsuit. Captioned Jastram v. NextEra Energy, Inc., No. 23-cv-80833 (S.D. Fla.), the NextEra Energy class action lawsuit charges NextEra Energy and certain of its top current and former executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: NextEra Energy is one of the largest power and utility holding companies in North America and NextEra Energy’s primary subsidiary, Florida Power and Light Co. (“FPL”), is the largest vertically integrated regulated utility in Florida.
Beginning in December 2021, media outlets, including the Orlando Sentinel and Miami Herald, began reporting that FPL and its political consulting firm, Matrix LLC had orchestrated a range of improper political expenditures including potential violations of state and federal campaign finance laws. Specifically, reports alleged that FPL’s political consultants had used a network of nonprofits to surreptitiously steer funding to spoiler “ghost candidates” intended to derail the campaign efforts of unfriendly legislators seeking reelection to the Florida state legislature during the 2020 election cycle. Later reports alleged that FPL had spied on journalists after the publication of unsupportive reporting, and improperly courted public officials with job offers while bidding to privatize certain public utilities. The Orlando Sentinel and Miami Herald further reported that Matrix’s actions were undertaken for the express purpose of benefiting FPL and with the knowing approval of FPL executives.
The NextEra Energy class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) FPL’s surreptitious orchestration of political misconduct exposed NextEra Energy to substantial legal and reputational risk; and (ii) in light of the above, defendants’ positive statements about NextEra Energy’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On January 25, 2023, NextEra Energy disclosed that FPL President and CEO, defendant Eric Silagy, would no longer serve as CEO of FPL as of February 15, 2023, and would retire effective May 15, 2023. On the same day, NextEra Energy filed a Form 8-K with the U.S. Securities and Exchange Commission which acknowledged that FPL faced legal and reputational risks because of the allegations that FPL executives had orchestrated political misconduct. On this news, NextEra Energy’s stock price fell by nearly 9%.
NextEra Energy’s stock price continued to drop the next several trading days, until, on January 31, 2023, the Florida Times Union reported that NextEra Energy executives disclosed to analysts from Bank of America that Silagy’s exit agreement included a multi-year “claw back on compensation” for “any legal wrongdoing” tacitly acknowledging the link between Silagy’s departure and the new risk disclosure statement concerning legal and reputational risk arising from political misconduct.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired NextEra Energy securities during the Class Period to seek appointment as lead plaintiff of the NextEra Energy class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the NextEra Energy class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the NextEra Energy class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the NextEra Energy class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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