Posted on 06/28/2002 10:25:40 PM PDT by lewislynn
Duke Energy Corporation Stock Purchasers Represented By Schatz & Nobel In Class Action Lawsuit
HARTFORD, Conn., June 28 /PRNewswire/ -- A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of Duke Energy Corporation, ("Duke Energy" or the "Company") (NYSE: DUK) from July 22, 1999 through May 17, 2002, inclusive (the "Class Period"). Named as defendants in the Complaint are Duke Energy, and certain individual officers of the Company.
The Complaint alleges that the defendants made materially false and misleading representations concerning the financial results of Duke Energy throughout the Class Period. The statements were false and misleading because the Company failed to disclose that it had engaged in $1 billion of worth of energy trades involving simultaneous purchases and sales of power at the same price (referred to as "round-trip" trades). Duke Energy also failed to disclose that it lacked management controls sufficient to monitor the trading of its power. On May 17, 2002, defendants disclosed that they were analyzing trades over a three year period to identify any "round-trip" trades. On this news, shares fell $1.18 per share to close at $33.52 per share, after reaching a split-adjusted class high of $44.97 on November 30, 2000.
Plaintiff seeks to recover damages on behalf of all Class members. Plaintiff is represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact attorneys Andrew M. Schatz or Nancy A. Kulesa at (800) 797-5499, or by e-mail at sn06106@aol.com. For more information about Schatz & Nobel, P.C., please visit our website at http://www.snlaw.net.
If you purchased Duke Energy stock from July 22, 1999 through May 17, 2002, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than July 22, 2002. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com.
More to come?...I hope so, they deserve it.
$1 billion of worth of energy trades involving simultaneous purchases and sales of power at the same price
Buy it for $1 billion , sell it for $1 billion...what's their solution for making money?...build more power plants and then trading floors to sell it.
I can't believe this is going anywhere!
This Law Firm is apparently in business to shake down the Corporations that it sues!
How has a Share Holder been hurt materially ?
Try fraudulent business practices......
How has a Share Holder been hurt materially ?
Try fraudulent business practices......to dupe investors.
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