UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
________________________________________________
THE ALBERT FADEM TRUST and LLOYD R. X
FADEM, as Trustee, on behalf of themselves and all : No.
others similarly situated, :
: CLASS ACTION
Plaintiffs, : COMPLAINT
:
against : JURY TRIAL DEMANDED
:
DUKE ENERGY CORP., :
RICHARD PRIORY, ROBERT BRACE, :
WILLIAM COLEY, FRED FOWLER, :
HARVEY PADEWER, :
and DELOITTE & TOUCHE, LLP, :
Defendants. :
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Plaintiffs, by their undersigned attorneys, individually and on behalf of the Class described
below, upon information and belief, based upon, inter alia, the investigation of counsel, which
includes, among other things, a review of public announcements made by defendants, Securities and
Exchange Commission ("SEC") filings made by defendants, press releases, reports of securities
analysts, and media reports, except as to the paragraph applicable to the named plaintiffs which is
alleged upon personal knowledge, bring this complaint (the "Complaint") against defendants named
herein, and allege as follows:
SUMMARY OF ALLEGATIONS
1. This is a securities class action alleging violations of the federal securities laws
SNIPPETS:
Plaintiffs, by their undersigned attorneys, individually and on behalf of the Class described
Exchange Commission filings made by defendants, press releases, reports of securities
the common law in connection with misstatements and omissions of material fact regarding Duke
Energy Corp. ("Duke" or the "Company") by the defendants named herein.
simultaneous purchases and sales of power with at the same price;
power at the same price.
Defendant Deloitte & Touche, LLP violated the common law by either
intentionally or negligently certifying Duke's financial statements as incorporated in Duke's
Report for the years 2000 and 2001.
low as $32.89 on May 21, 2002, down from a class period high of $47.74.
the Securities Exchange Act of 1934 and 28 U.S.C. § 1331.
misleading financial statements and either intentionally or negligently certified such
exchanged or otherwise acquired the common stock of Duke between April
whether the federal securities laws were violated by defendants' acts as
Dissemination of False and Misleading Financial Information
Duke's Annual Report on Form 10K for the year ending December 31,
These financial statements and financial statement schedule are the responsibility of Duke
We conducted our audits in accordance with auditing standards generally accepted in the
An audit also includes assessing the accounting principles used and significant estimates
Also, in our opinion, such financial statement schedule, when considered in relation to the
Such Annual Report also included the consent of Deloitte to, inter alia, the incorporation of
MISSTATEMENTS AND OMISSIONS OF MATERIAL FACTS
public misrepresentations or failed to disclose material facts during the Class Period
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