The investigation concerns whether Eaton and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 29, 2014, Eaton Chief Executive Officer Alexander M. Cutler advised investors that Eaton could not feasibly divest its vehicle business until late 2017 due to tax-law restrictions related to the Company's merger with Cooper Industries plc. Cutler stated that the Company had been "well aware" of these restrictions "all along."
On this news, Eaton's share price fell $6.24, or 8.13%, to close at $70.51 on July 29, 2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP