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Law Office of Brodsky & Smith, LLC Announces Investigation of Progress Energy, Inc.

^{Published on 2011-01-10 20:21:00 - Market Wire}
 

BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Progress Energy, Inc. (aProgress Energya or the aCompanya) (NYSE: PGN) relating to the proposed acquisition by Duke Energy (NYSE: DUK) in a transaction valued at approximately $26 billion. Bill Johnson, chairman, president and chief executive officer of Progress Energy will become president and chief executive officer of the new company.

Under the terms of the offer, Progress Energy shareholders would receive 2.6125 shares of common stock of Duke Energy in exchange for each share of Progress Energy common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Progress Energy by not acting in Progress Energy shareholders' best interests in connection with the sale process to Duke Energy. The transaction appears to be unfair, in part, given the nominal premium being offered to Progress Energy shareholders.

If you own shares of Progress Energy and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ investorrelations@brodsky-smith.com ], or by calling toll free 877-LEGAL-90.