RALEIGH (AP) — A shareholder lawsuit is using sworn testimony by Duke Energy Corp. executives and directors to support claims that investors were misled by a surprise shuffle of top executives.
Duke Energy spokesman Dave Scanzoni said Wednesday the country’s largest electricity company views the federal lawsuit as lacking merit.
The case aims to include anyone who bought Duke Energy stock from the day before North Carolina regulators approved the merger last month to the day before replacement CEO Jim Rogers testified the leadership shakeup had been discussed since May.
Duke Energy director Ann Grey testified to the North Carolina Utilities Commission last week that some board members raised doubts last year about keeping the CEO they promised, Progress Energy’s Bill Johnson.
Duke stock is down 6 percent since the merger.