On 7/21/20 FirstEnergy (FE) issued a press release stating that it had received subpoenas related to an investigation surrounding House Bill 6. FE stock price fell from $41.26 to $34.25 on the announcement. The next day, the fall continued, with the stock closing at $27.09. House Bill 6 was legislation primarily subsidizing Ohio’s nuclear power plants by providing $150 million in annual benefits through 2027. The bill was signed into law by the governor on July 23, 2019.
July 21st saw the arrest of five individuals related to the case. Larry Householder,