Progress Energy Shareholder Sues Over $14B Duke Buy

Law360, New York (February 10, 2011, 7:41 PM EST) -- A Progress Energy Inc. shareholder launched a putative class action lawsuit Thursday over its planned $13.7 billion merger with Duke Energy Corp., accusing the company's board of selling it for too little and rejecting a better offer from another suitor.

Shareholder Noah Wolf claims that the day before Progress' board members agreed to sell the company to Duke, they rejected a proposal from Dominion Resources Inc. that offered a premium four times higher than Duke's offer, according to the complaint in the U.S. District Court for...
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Case Information

Case Title

Wolf v. Johnson et al

Case Number



North Carolina Eastern

Nature of Suit

Stockholders Suits


James C. Dever, III

Date Filed

February 10, 2011

Law Firms


UK Financial Services

UK Financial Services

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