Class Action Complaint Against American Electric Power Company, Inc. and Certain of Its Officers and Directors Alleging Violations of Federal Securities Law Filed by Rabin & Peckel LLP.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--Aug. 3, 2000

A class action complaint has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired common stock of American Electric Power Company, Inc. ("American Electric" or the "Company") (NYSE: AEP) between July 25, 1997 and July 25, 1999, inclusive (the "Class Period").

The Complaint alleges that American Electric and certain of its officers and directors violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements concerning the Company's financial results during the Class Period. During the Class Period, the Company made false and misleading statements concerning the impaired condition of its Donald C. Cook nuclear power plant, the costs associated with repairing and restarting the nuclear reactors, and the amount of time the reactors would be out of service. The Complaint alleges that as a result of these false and misleading statements the price of American Electric common stock was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.

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.

If you purchased or otherwise acquired American Electric common stock during the Class Period described above, you may, no later than August 25, 2000, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Mary E. Neu, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at [phone] or [phone], by facsimile at [phone], by e-mail at [e-mail], or at the website at www.rabinlaw.com .