CORRECTING AND REPLACING -- Eaton Corporation: Scott+Scott LLP Files Shareholder Class Action Against Eaton Corporation -- ETN
07 Agosto 2012 - 2:00AM
In the second sentence of the release dated August 3, 2012, the
first date of the Class Period should read August 2, 2009 (instead
of August 9, 2009).
The corrected release reads:
Notice is hereby given that on August 3, 2012, Scott+Scott LLP
filed a securities class action complaint against Eaton Corporation
("Eaton" or the "Company") (NYSE:ETN), the Company's President and
Chief Executive Officer ("CEO"), and certain of its executives in
the United States District Court for the Northern District of Ohio.
The lawsuit alleges violations of the Securities Exchange Act of
1934 and was filed on behalf of all purchasers of common stock of
Eaton between August 2, 2009 and June 4, 2012, inclusive (the
"Class Period").
In general, the complaint alleges that Eaton issued false and
misleading statements concerning its executives' involvement in a
scheme to improperly influence a Mississippi state court judge in
litigation the Company had initiated against rival manufacturer
Frisby Aerospace, Inc. (the "Eaton-Frisby Litigation"). More
specifically, the complaint alleges that Eaton managers knew, but
repeatedly caused Eaton to deny, that Eaton had engaged Mississippi
attorney Ed Peters, a politically connected go-between, to
improperly influence Bobby DeLaughter, the presiding judge in the
Eaton-Frisby Litigation. DeLaughter later recused himself from the
Eaton case when he became embroiled in an unrelated lawsuit
involving high-powered Mississippi attorney Richard Scruggs.
DeLaughter was sentenced to 18 months in prison after admitting he
lied to FBI agents about conversations he had with Peters in the
Scruggs case. Judge Swan Yerger, who replaced Judge DeLaughter,
subsequently dismissed Eaton's lawsuit against Frisby after
deciding there was "clear and convincing" evidence that Eaton had
hired Peters to secretly influence DeLaughter.
On May 31, 2012, Eaton's CEO and senior executives filed
affidavits with the court, which admitted that Eaton had failed to
turn over records showing that Eaton had improperly, and possibly
illegally, attempted to influence Judge DeLaughter. On this
news, Eaton shares declined $3.10, or 7.2%, to close at $40.24 on
June 1, 2012.
If you purchased or otherwise acquired the common stock of Eaton
during the Class Period, you may move the Court no later than
October 2, 2012 to serve as lead plaintiff. Any member of the
investor class may move the Court to serve as lead plaintiff
through counsel of its choice, or may choose to do nothing and
remain an absent class member. If you wish to discuss this
action or have questions concerning this notice or your rights,
please contact Michael Burnett, Esq. at Scott+Scott
(mburnett@scott-scott.com (800) 404-7770, (860) 537-5537, or visit
the Scott+Scott website, http://www.scott-scott.com/) for more
information. There is no cost or fee to you.
Scott+Scott is one of the leading class action law firms in the
United States, with offices in New York, Connecticut, Ohio and
California. The firm has been directly responsible for the
recovery of hundreds of millions of dollars on behalf of its
clients through the prosecution of major securities, antitrust and
employee retirement plan class action lawsuits. The firm
represents pension funds, foundations, individuals and other
entities worldwide.
CONTACT: Michael Burnett, Esq.
Scott+Scott LLP
(800) 404-7770
(860) 537-5537
mburnett@scott-scott.com
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