Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Eaton Corporation plc who purchased shares between November 13, 2013 and July 28, 2014.
The complaint alleges that, throughout the Class Period, defendants issued false and misleading statements regarding the Company’s ability to divest its automobile-part manufacturing business, causing the stock to trade at artificially inflated prices. In 2012, the Company merged with Cooper Industries plc, which reincorporated Eaton in Ireland. Following the merger and during the Class Period, Eaton executives falsely assured investors of the continued feasibility of divesting the Company’s automobile-part manufacturing business on a tax-free basis. Then on July 29, 2014, Eaton CEO Alexander M. Cutler informed investors that the Company was—and had been—”well aware” of tax-law restrictions related to the merger with Cooper which would make it infeasible to divest the vehicle business until late 2017.
If you suffered a loss in Eaton you have until September 23, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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