Cincinnati, OH (PRWEB) August 05, 2012
The law firm of Statman, Harris & Eyrich, LLC announces that a securities class action lawsuit has been filed on behalf of shareholders of Duke Energy Corporation (“Duke Energy” or the “Company”) common stock during the period June 11, 2012 and July 9, 2012 (the “Class Period”). The complaint, filed by another law firm on July 24, 2012 and pending before the United States District Court for the Western District of North Carolina (Case No. 12-cv-00456) (the “Complaint”), alleges violations of the Securities Exchange Act of 1934 and was brought against the Company, its Chief Executive Officer, and certain of its Board of Directors.
The Complaint alleges that Duke Energy reached an agreement to merge with Progress Energy Incorporated (“Progress Energy”) in January 2011. In all of Duke Energy’s public disclosures and Securities and Exchange Commission filings prior to the merger closing date of July 2, 2012, Duke Energy represented that Progress Energy’s CEO, William Johnson (“Johnson”), would serve as the CEO of the post-merger company. The complaint alleges statements made by the Company during the Class Period were false and misleading, and that the Board of Duke Energy secretly conspired to force Johnson to resign immediately following the merger. 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.
According to court documents, 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.
Shareholders of Duke Energy who purchased their stock during the Class Period who wish to discuss this action or have questions concerning your rights are encouraged to contact Jeffrey P. Harris, Esq. at (513) 345-8181 or at jharris(at)statmanharris(dot)com for further information without any obligation or cost to you. You must move the Court no later than September 24, 2012 if you wish to serve as lead plaintiff and act on behalf of other class members in directing the litigation. However, you do not need to take any action at this time to be a class member, and you may retain counsel of your choice.
Statman, Harris & Eyrich, LLC, which has significant experience in consumer and securities fraud class actions and derivative litigation, has offices in Chicago, Illinois; Cincinnati, Ohio; Dayton, Ohio; and Sarasota, Florida. http://www.statmanharris.com Attorney advertising. Prior results do not guarantee similar outcomes.
Statman, Harris & Eyrich, LLC
Jeffrey P. Harris, Esq.
441 Vine Street, Suite 3700
Cincinnati, Ohio 45202
Phone: (513) 345-8181