PITTSFORD, N.Y., Feb. 12, 2020 /PRNewswire/ -- Karpus Investment Management ("Karpus") announced today that it has alerted the United States Securities and Exchange Commission of misleading statements made by Daniel J. Petrisko, the Chief Investment Officer of Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC) - Get Duff&Phelps Utilities & Corporate Bond Trust Report ("DUC"), in a February 7, 2020 letter to DUC shareholders in connection with the upcoming Annual Meeting of Shareholders (the "Annual Meeting") scheduled to be held on March 24, 2020.
"DUC made several misleading statements in violation of Federal securities laws, including Rule 14a-9 of the Securities Exchange Act of 1934," said Brett D. Gardner, Senior Corporate Governance Analyst at Karpus. "It is deeply troubling that DUC has made numerous improper statements that prematurely predict the results of the upcoming shareholder vote in an apparent attempt to manipulate the outcome of the election by effectively tilting the playing field in its favor at the expense of the free and fair exercise of shareholder rights."
Mr. Gardner further stated, "We believe that DUC's violation of securities laws has irreversibly and materially tainted the voting process with respect to the Annual Meeting. This apparent disregard for fundamental shareholder rights ahead of the upcoming election raises grave concerns about an alarming lack of prudent judgment on the part of both fund management and the board."
He concluded, "DUC's prejudicial and deeply flawed efforts to forecast the Annual Meeting voting results is particularly misleading since Karpus, a 26% shareholder as of the record date, hadyet to even cast its vote in favor of the proposal, making this violation appear even more like a scheme designed to mislead voters."
Karpus Investment Management is a 34 year-old firm based in Pittsford, New York that practices conservative money management and has approximately $3.5 billion in assets under management.
CONTACT: Michele Caccamise, (585) 586-4680
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SOURCE Karpus Investment Management