Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Eaton Corp. plc Investors & Encourages...
August 12 2016 - 1:25PM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Eaton Corporation plc (“Eaton” or the “Company”) (NYSE:
ETN) securities between November 13, 2013 and July 28, 2014,
inclusive (the “Class Period”). Eaton investors have
until September 23, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Eaton investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by email to
shareholders@glancylaw.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and/or misleading statements, as
well as failed to disclose material adverse facts about the
Company’s business, operations, and prospects. Specifically,
Defendants made false and/or misleading statements and/or failed to
disclose that: in response to questions regarding the effect of the
Merger on the Company’s ability to spin-off its businesses, Eaton
executives falsely assured investors and the market of the
continued feasibility of divesting the Company’s automobile-part
manufacturing business on a tax-free basis. This prospect was key
to investors’ and analysts’ ability to value the Company. As a
result, Eaton and its executives artificially inflated the price of
Eaton stock.
On July 29, 2014, Eaton’s CEO, Alexander M. Cutler, informed
investors that Eaton could not reasonably unload its vehicle
business until late 2017 due to tax-law restrictions linked to the
Company’s merger with Cooper Industries plc. According to Cutler,
the Company had been made aware of these restrictions “all
along.”
On this news, Eaton’s share price fell over 8%, to close at just
$70.51 on July 29, 2014.
If you purchased shares of Eaton during the Class Period you may
move the Court no later than September 23, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by email please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160812005704/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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