Exelon investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, Exelon is a utility services holding company that engages in energy generation and delivery businesses in the U.S. and Canada. Exelon owns various “Utility Registrants” that are regulated by State utility commissions, including, among other entities, Commonwealth Edison (“ComEd”). ComEd’s parent company is Exelon Utilities.
According to the complaint, on July 15, 2019, during pre-market hours, Exelon filed a Current Report on a Form 8-K with the SEC, disclosing that both Exelon and ComEd had “received a grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois requiring production of information concerning their lobbying activities in the State of Illinois.” Then, on October 9, 2019, during pre-market hours, Exelon filed another Current Report on a Form 8-K with the SEC, disclosing that, on October 4, 2019, both Exelon and ComEd “received a second grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois that requires production of records of any communications with certain individuals and entities, including Illinois State Senator Martin Sandoval.” On October 15, 2019, shortly before the market closed, Exelon issued a press release announcing the abrupt departure of Anne Pramaggiore (“Pramaggiore”), Chief Executive Officer (“CEO”) of Exelon Utilities, and former President/CEO of ComEd. Exelon’s statement on Pramaggiore’s retirement offered no reason for her departure, but analysts following Exelon concluded that the subpoenas and Pramaggiore’s abrupt resignation were related. Following this news, Exelon’s stock price fell $2.15 per share, or 4.57%, to close at $44.91 per share on October 16, 2019.
Then, on November 1, 2019, after the market opened, the Chicago Tribune reported that “[a] source with knowledge of the case in Chicago” confirmed that “Pramaggiore is one focus of the ongoing federal investigation.” According to the same article, “[t]he ComEd lobbying investigation dates to at least mid-May, when the FBI executed search warrants at the homes of former lobbyist Mike McClain of Quincy, a longtime confidant of House Speaker Michael Madigan, and of former 23rd Ward Ald. Michael Zalewski.” Additionally, “[t]he information sought by the FBI included records of communications among Madigan, McClain and Zalewski about attempts to obtain ComEd lobbying work for Zalewski.” Following this news, Exelon’s stock price fell an additional $0.15 per share to close at $45.34 per share on November 1, 2019.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Exelon and/or its employees were engaged in unlawful lobbying activities; (ii) the foregoing increased the risk of a criminal investigation into Exelon; (iii) ComEd’s revenues were in part the product of unlawful conduct and thus unsustainable; and (iv) as a result, Exelon’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than February 14, 2020 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Returning the attached form or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-844-887-9500 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
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