SHAREHOLDER ALERT: Brower Piven Launches An Investigation Into The Proposed Sale Of Cleco Corporation And Encourages Investors To Contact The Firm For Additional Information

The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Cleco Corporation (“Cleco” or the “Company”) (NYSE: CNL) relating to the proposed buyout of the Company by Macquarie Infrastructure and Real Assets, British Columbia Investment Management Corporation and John Hancock Financial.

Under the terms of the transaction, Cleco shareholders are anticipated to receive $55.37 in cash for each share of Cleco common stock they own. The transaction is expected to close in the second half of 2015, although Cleco shareholders will most likely be asked to vote on the transaction well before that time.

The firm’s investigation seeks to determine, among other things, whether Cleco’s Board of Directors failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock.

The transaction may represent a loss or no real gain for many Cleco shareholders. In particular, according to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Cleco stock at $58.00 per share, which is approximately 4.7% more than what Cleco shareholders are expected to receive. Additionally, while the Company claims that shareholders will receive a premium for their shares, the Company recently traded as high as $58.95 as of June 30, 2014.

If you currently own common stock of Cleco and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.

Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.

Contacts:

Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com

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