LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC (the “Firm”) announces that a class action lawsuit was filed against Eaton Corporation plc ("Eaton" or the "Company") (NYSE: ETN) concerning possible violations of federal securities laws between November 13, 2013 and July 28, 2014 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm in advance of the September 23, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the Complaint, Eaton issued false and misleading statements about the Company’s ability to divest its automobile-part manufacturing business. Since 2008, the Company shifted away from its vehicle business and expanded its electrical component businesses. In 2012, Eaton merged with Irish-headquartered Cooper Industries plc, which reincorporated the Company in Ireland. After the merger, Eaton executives assured investors of the continued feasibility of divesting the automobile-part manufacturing business on a tax-free basis. This kept the Eaton stock price artificially inflated. On July 29, 2014, Eaton’s CEO Alexander M. Cutler informed investors that the Company could not feasibly divest the automobile-part business until late 2017 because of tax law restrictions related to the merger. Mr. Cutler also revealed that the Company was “well aware” of these restrictions “all along.” When this news was announced, Eaton’s stock fell in value.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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