San Diego, CA -- (SBWIRE) -- 07/17/2012 -- An investigation for former investors in shares of Progress Energy, Inc. (NYSE:PGN), who now hold shares of Duke Energy (NYSE: DUK), over potential breaches of fiduciary duties in connection with the merger between Duke Energy and Progress Energy following the announcement of the resignation of the CEO fo Progress Energy was announced.
Investors who purchased shares of Progress Energy, Inc. (NYSE:PGN) and received in the merger shares of Duke Energy (NYSE: DUK) and currently hold any of those NYSE:DUK shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether certain officers and directors violated securities laws by issuing false and misleading statements to shareholders in light of recent disclosures made about Duke Energy Corporation's $32 billion merger with Progress Energy.
The merger between Duke Energy and Progress Energy was announced in January 2011. Under the merger agreement, Progress Energy’s shareholders received common stock of Duke Energy in exchange for each share of Progress Energy common stock. It was planned that the former chairman and CEO of Progress Energy, Inc would take over as president and CEO of the combined companies.
However on July 3, 2012, Duke Energy announced that the former chairman and CEO of Progress Energy, Inc resigned and the Duke Energy Chairman and CEO, who was supposed to be chairman after the merger, was asked by the board to continue as CEO. A former Progress Energy director said that the Progress Energy board of directors had been misled prior to the merger.
July 5, 2012, the North Carolina Attorney General and the North Carolina Utilities Commission launched investigations into whether Duke Energy misled regulators prior to approval of the merger.
If you invested in shares of Progress Energy, Inc. (NYSE:PGN) and received in the merger shares of Duke Energy (NYSE: DUK) and currently hold any of those NYSE:DUK shares, you have certain options and you should contact the Shareholders Foundation..
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego