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Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) Investor Securities Class Action Lawsuit 07/25/2016

  • If you purchased shares of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Eaton Corporation
Security
NYSE: ETN

Case Name
Eaton Shareholder Class Action Lawsuit 07/25/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 27, 2019 - The Court of Appeals affirmed the court's decision. The case was dismissed.

August 20, 2017 - A notice of appeal was filed.

July 25, 2018 - The court granted the defendants' motion to dismiss.

November 17, 2017 - A motion to dismiss the second consolidated complaint was filed.

October 30, 2017 - A second consolidated complaint was filed.

September 20, 2017 - The court granted the defendants' motion to dismiss. The plaintiffs were given leave to amend the complaint..

January 13, 2017 - A consolidated complaint was filed.

July 25, 2016 (Shareholders Foundation) - An investor in shares of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Eaton Corporation, PLC in connection with certain allegedly false and misleading statements made between November 13, 2013 and July 28, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) common shares between November 13, 2013 and July 28, 2014, that the defendants violated Federal Securities Laws.

In 2012, Eaton Corporation, PLC engaged in a merger with the Irish-headquartered Cooper Industries plc., which reincorporated Eaton Corporation, PLC in Ireland.

The plaintiff claims that following the merger, and between November 13, 2013 and July 28, 2014, in response to questions from securities analysts about the effect of the Merger on the Company’s ability to spin-off its business, Eaton Corporation, PLC executives allegedly falsely assured investors and the market of the continued feasibility of divesting the Company’s automobile-part manufacturing business on a tax-free basis and that this prospect was key to investors’ and analysts’ ability to value the Company, and that as a result, Eaton and its executives artificially inflated the price of Eaton stock.
On July 29, 2014, Eaton Corporation, PLC Chief Executive Officer Alexander M. Cutler (“Cutler”) informed investors that, contrary to the Company’s prior assurances, Eaton Corporation, PLC could not feasibly divest its vehicle business until late 2017 due to tax-law restrictions related to the Merger with Cooper. The plaintiff alleges that Cutler further revealed that Eaton Corporation, PLC had been “well aware” of these restrictions “all along and that his disclosure caused a material decline in the price of Eaton Corporation, PLC stock.

Shares of Eaton Corporation, PLC Ordinary Shares (NYSE:ETN) reached as high as $78.57 per share in July 2014 and declined to as low as $47.27 per share in January 2016.