Posted: Tue Jan 11, 2011 4:02 am Post subject: Levi & Korsinsky, LLP Launches an Investigation
Levi & Korsinsky is investigating the Board of Directors of Progress Energy, Inc. (“Progress Energy” or the “Company”) (NYSE: PGN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Duke Energy Corporation (“Duke Energy”) (NYSE: DUK).
New York, NY, January 11, 2011 -- Levi & Korsinsky is investigating the Board of Directors of Progress Energy, Inc. (“Progress Energy” or the “Company”) (NYSE: PGN) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Duke Energy Corporation (“Duke Energy”) (NYSE: DUK). Under the terms of the transaction, Progress Energy shareholders will receive 2.6125 shares of common stock for each share of Progress Energy stock. Based on previous closing prices, the transaction values Progress Energy stock at $46.48 per share, a 3.9% premium to Progress Energy’s closing price of $44.72 the prior trading day.
The investigation concerns whether the Progress Energy Board of Directors breached their fiduciary duties to Progress Energy stockholders by failing to adequately shop the Company before entering into this transaction and whether Duke Energy is underpaying for Progress Energy shares, thus unlawfully harming Progress Energy stockholders. In particular, one analyst has recently valued Progress Energy stock at $47.00 per share. Moreover, Progress Energy's top executive, Bill Johnson, will become president and chief executive of the new combined company upon consummation of this proposed transaction.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum