$27-Million Settlement Secured in Shareholder Derivative Suit Following Unexpected CEO Ousting
Hare Wynn – in conjunction with Prickett, Jones & Elliott” P”A” of Wilmington” Delaware, and the Law Office of Frank DiPrima, P.A. of Morristown, New Jersey – filed a shareholder derivative suit against Duke’s board members and was able to secure a $27 million settlement on behalf of Duke.
Duke Energy Corporations represented investors and government regulators that Bill Johnson would lead the company following his merger with Progress Energy, Inc. However, hours after the merger was completed, Duke’s board fired Johnson. As a result, Duke had to endure a regulatory investigation and a securities class action.