An investigation for former Progress Energy, Inc. (NYSE:PGN) investors, who now hold shares of Duke Energy (NYSE: DUK), over potential breaches of fiduciary duties was announced and former NYSE:PGN investors, who now hold NYSE:DUK shares, should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/09/2012 -- 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 of Progress Energy was announced.
Investors who 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, 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 breached their fiduciary duties in connection with the merger between Duke Energy and Progress Energy, Inc.
The merger was announced in January 2011. Progress Energy, Inc. (NYSE: PGN) and Duke Energy (NYSE: DUK) had announced that both companies’ boards of directors have unanimously approved a merger agreement to combine the two companies in a stock-for-stock transaction. Under the merger agreement, Progress Energy’s shareholders will receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock. Based on Duke Energy’s closing share price on Jan. 7, 2011, Progress Energy shareholders would receive a value of $46.48 per share, or $13.7 billion in total equity value.
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.
Those who 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, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com