A Deadline is coming up on September 23, 2016 in the lawsuit for investors in Eaton Corporation, PLC Ordinary Shares and NYSE:ETN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/21/2016 -- The Shareholders Foundation announced that a deadline is coming up on September 23, 2016 in the lawsuit filed for investors of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN over alleged securities laws violations by Eaton Corporation, PLC.
Investors who purchased shares of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) have certain options and there are strict and short deadlines running. Deadline: September 23, 2016. NYSE:ETN stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) common shares between November 13, 2013 and July 28, 2014, that the defendants violated Federal Securities Laws.
In 2012, Eaton Corporation, PLC engaged in a merger with the Irish-headquartered Cooper Industries plc., which reincorporated Eaton Corporation, PLC in Ireland.
The plaintiff claims that following the merger, and between November 13, 2013 and July 28, 2014, in response to questions from securities analysts about the effect of the Merger on the Company's ability to spin-off its business, Eaton Corporation, PLC executives allegedly falsely assured investors and the market of the continued feasibility of divesting the Company's automobile-part manufacturing business on a tax-free basis and that this prospect was key to investors' and analysts' ability to value the Company, and that as a result, Eaton and its executives artificially inflated the price of Eaton stock.
On July 29, 2014, Eaton Corporation, PLC Chief Executive Officer Alexander M. Cutler ("Cutler") informed investors that, contrary to the Company's prior assurances, Eaton Corporation, PLC could not feasibly divest its vehicle business until late 2017 due to tax-law restrictions related to the Merger with Cooper. The plaintiff alleges that Cutler further revealed that Eaton Corporation, PLC had been "well aware" of these restrictions "all along and that his disclosure caused a material decline in the price of Eaton Corporation, PLC stock.
Shares of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) reached as high as $78.57 per share in July 2014 and declined to as low as $47.27 per share in January 2016.
Those who purchased shares of Eaton Corporation, PLC Ordinary Shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego