ENGLEWOOD CLIFFS, N.J., July 31, 2012 (GLOBE NEWSWIRE) -- Gardy & Notis, LLP has filed a class action lawsuit in the United States District Court for the Western District of North Carolina on behalf of all persons who exchanged shares of Progress Energy, Inc. common stock for shares of Duke Energy Corporation (NYSE:DUK) common stock in connection with the merger between Progress and Duke. For more information, call or email Jennifer Sarnelli at 201-567-7377 or jsarnelli@gardylaw.com.
Duke filed documents with the SEC that described the terms of the merger on July 7, 2012 and stated that Progress CEO William Johnson would be the CEO of the combined Company and Duke CEO James Rogers would be the Chairman of the Board. The lawsuit alleges that Duke failed to disclose and misrepresented that Rogers, not Johnson, would serve as the CEO of the combined Company after the merger. On July 3, 2012, Duke announced that Johnson had resigned by agreement and Rogers had been president and CEO of the combined Company. Defendants knew the Registration Statement contained misleading statements and omitted material facts about Johnson's role as CEO of the combined Company.
The class action seeks to recover damages on behalf of plaintiff and a class of all other investors who acquired shares of Duke common stock as part of the merger exchange. The defendants in the case are Duke and members of its board of directors. The legal claims are based on violations of the Securities Act of 1933. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Gardy & Notis, which prosecutes shareholder class actions nationwide.
If you were a Progress shareholder whose shares were exchanged for new Duke stock as part of the merger, you may, no later than September 24, 2012, request that the Court appoint you as lead plaintiff for the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. You must meet certain legal requirements to serve as a lead plaintiff.
For more information regarding the lawsuit, to learn how you can join the class, or to obtain a copy of the complaint filed in the lawsuit, please contact Jennifer Sarnelli at Gardy & Notis, LLP at 201-567-7377 or jsarnelli@gardylaw.com.