Brower Piven Encourages Shareholders of Progress Energy Inc. Whose Shares Were Exchanged for Duke Energy Shares in Connection With the Merger or Who Purchased Duke Energy Shares Between June 28, 2012 and July 9, 2012, Inclusive and Who Have Losses in Exce

Published on Tuesday, 31 July 2012 13:56 Written by TradersHuddle Staff

STEVENSON, Md., July 31, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of North Carolina on behalf of former Progress Energy Inc. (NYSE:PGN) ("Progress") shareholders who acquired the common stock of Duke Energy Corporation (NYSE:DUK) ("Duke" or the "Company") pursuant to and/or traceable to the Prospectus and Registration Statement filed on Form S-4/A with the Securities and Exchange Commission on July 7, 2011, for Duke's merger with Progress Energy Inc. (the "Merger") and on behalf of all persons who purchased or otherwise acquired Duke common stock during the period between June 28, 2012 and July 9, 2012, inclusive (the "Class Period").

If you have suffered a net loss for all acquisitions of Duke shares, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. , by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 24, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the Company's failure to disclose during the Class Period that James E. Rogers ("Rogers"), not William D. Johnson ("Johnson"), would serve as the CEO of the combined Company after the Merger and that approval of the Merger from the Progress Board of Directors was obtained without disclosing that Rogers would act as the CEO of the combined Company. According to the complaint, after, on July 3, 2012, the Company disclosed that Rogers was appointed president and chief executive officer of the combined company and that Johnson resigned by mutual agreement, the value of Duke's shares declined significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

CONTACT: Charles J. Piven
         Brower Piven, A Professional Corporation
         Stevenson, Maryland
         410/415-6616
         
 This e-mail address is being protected from spambots. You need JavaScript enabled to view it.