American Electric Power (AEP.US) stock plunged after a Columbus Dispatch report revealed that a dark money group funded by the company allocated $350K toward the campaigns now at the center of a racketeering and bribery case involving Ohio House Speaker Larry Householder.
According to the report, Empowering Ohio's Economy, a non-profit wholly funded by AEP, contributed $150K to dark money group named Generation Now, that received $60M from FirstEnergy-related groups to support passage of Ohio's HB6 bill, the ratepayer bailout of two Ohio nuclear power plants owned by FirstEnergy Solutions. Remaining $200K were transferred to a group related to a political action committee that spent $1M in the 2018 campaigns of Householder-favored Republican candidates to help ensure favorable votes.
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American Electric Power (AEP.US) stock launched today's session with a bearish price gap. Should downbeat moods prevail, support at $76.52 per share may be tested. Local resistance is located at $90.00 per share Source: xStation5
