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. (NYSE: DUC) ("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,
had yet 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