Yet another shareholder lawsuit against Eaton Corp. (NYSE: ETN)
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Ohio on behalf of investors who purchased Eaton Corporation (NYSE: ETN) common stock between August 9, 2009 and June 4, 2012.
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The complaint alleges that Eaton managers knew but repeatedly denied that the Company had engaged attorney Ed Peters to improperly influence Bobby DeLaughter, the presiding judge overseeing the litigation the Company had initiated against rival manufacturer Frisby Aerospace, Inc. DeLaughter recused himself from the case when he became embroiled in an unrelated lawsuit involving attorney Richard Scruggs. DeLaughter was sentenced to 18 months in prison after he admitted lying to Federal 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 admitted in court filings that Eaton had failed to produce records showing that the Company 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.
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Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
evi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (212) 363-7171
Posted August 8, 2012 - 8:00 am