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NextEra is a power and utility holding company based in Florida, with its primary subsidiary being Florida Power and Light Co. ("FPL"). FPL is the largest electric utility in the United States.
The action alleges that NextEra made false and/or misleading statements and/or failed to disclose that it was exposed to significant legal and reputational risk relating to allegations that FPL and its political consulting firm, Matrix LLC ("Matrix"), had violated state and federal campaign finance laws.
Beginning in December 2021, news outlets reported that FPL and its political consultants had funneled millions of dollars through dark money organizations toward improper activities, including funding "ghost candidates" for the sole purpose of directing votes away from disfavored candidates in close elections, spying on journalists, and dictating positive news coverage by a local news organization.
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NextEra responded to this negative coverage by publicly denying involvement in any "ghost candidates" or other wrongdoing. However, senior executives of FPL – including its CEO Eric Silagy – appear to have participated in the alleged misconduct.
On January 25, 2023 NextEra disclosed that FPL was at higher risk for legal and reputational damage due to the allegations of political misconduct against FPL and its executives. On this news, the price of NextEra shares fell 8.71% to close at $76.59 per share on January 25th.
Between January 26th and 31st reports emerged that NextEra executives disclosed to analysts that Silagy's exit agreement included a multi-year "claw back on compensation for any legal wrongdoing" which caused an additional drop of $1.96 per share or 2.55%.
Lieff Cabraser Heimann & Bernstein are now encouraging investors who purchased NextEra securities between December 2nd 2021 and February 1st 2023 who suffered losses as a result of these events to contact them immediately regarding this pending securities fraud class action against NextEra before July 25th 2023 when the deadline for applying as lead plaintiff expires.
Filed Under: Business
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