Duke Energy Corporation: Scott+Scott LLP Files Shareholder Class Action Against Duke Energy Corporation -- DUK
Published on Tuesday, 31 July 2012 13:15 Written by TradersHuddle Staff
NEW YORK, July 31, 2012 (GLOBE NEWSWIRE) -- Notice is hereby given that Scott+Scott LLP filed a securities class action complaint against Duke Energy Corporation ("Duke Energy" or the "Company") (NYSE:DUK), the Company's Chief Executive Officer ("CEO"), and certain of its Board of Directors in the United States District Court for the Western District of North Carolina. The lawsuit alleges violations of the Securities Exchange Act of 1934 and was filed on behalf of all purchasers of common stock of Duke Energy between June 11, 2012 and July 9, 2012, inclusive (the "Class Period").
The complaint alleges that in January 2011, Duke Energy reached an agreement to merge (the "Merger") with Progress Energy Incorporated ("Progress Energy"). As part of that agreement, Duke Energy agreed that Progress Energy's CEO, William Johnson ("Johnson"), would serve as CEO of the post-Merger Company. Thereafter, in all of Duke Energy's Securities and Exchange Commission filings and other public disclosures prior to the closing of the Merger on July 2, 2012, the Company consistently represented that Johnson would be the CEO of post-Merger Duke Energy. The complaint alleges that Defendants' statements to this effect during the Class Period were false and misleading. Indeed, it is alleged that at the time these statements were made, the Board of Directors of Duke Energy had already secretly conspired to force Johnson to resign immediately following completion of the Merger.
On July 3, 2012, Duke Energy revealed that it had forced Johnson to resign as CEO within hours of the closing of the Merger. Following the disclosure of this news, the North Carolina Attorney General and regulatory agencies announced investigations into the Company's actions. The complaint alleges that in the days following these revelations, the price of the Company's common stock declined precipitously. You can view a copy of the complaint at: http://www.scott-scott.com/cases/Sunner%20v%20Duke%20Energy%20Complaint.pdf
Scott+Scott is one of the leading class action law firms in the United States, with offices in New York, Connecticut, Ohio and California. The firm has been directly responsible for the recovery of hundreds of millions of dollars on behalf of its clients through the prosecution of major securities, antitrust and employee retirement plan class action lawsuits. The firm represents pension funds, foundations, individuals and other entities worldwide.
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