The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors that acquired Exelon Corporation ("Exelon" or the "Company") (NASDAQ: EXC) securities between February 9, 2019 and November 1, 2019, inclusive (the "Class Period"). Exelon investors have until February 14, 2020 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 15, 2019, Exelon announced that the Company and Commonwealth Edison ("ComEd"), which is owned by Exelon, had received a grand jury subpoena from the U.S. Attorney concerning Exelon’s lobbying activities in Illinois.
Then, on October 9, 2019, Exelon disclosed receipt of a second grand jury subpoena regarding its communications with Illinois State Senator Martin Sandoval.
On October 15, 2019, Exelon announced the abrupt exit of Anne Pramaggiore, Chief Executive Officer of Exelon Utilities. Analysts immediately identified the criminal subpoenas and Pramaggiore’s abrupt resignation as "being directly related to each other."
On this news, Exelon’s share price fell $2.15, or nearly 5%, to close at $44.91 per share on October 16, 2019, thereby injuring investors.
Then, on October 31, 2019, the Company revealed that the U.S. Securities and Exchange Commission had also opened an investigation into the Company’s lobbying activities, but declined to state whether the investigations went beyond Illinois.
On this news, Exelon’s share price fell $1.17, or nearly 3%, to close at $45.49 per share on October 31, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Exelon and/or its employees were engaged in unlawful lobbying activities; (2) that the foregoing increased the risk of a criminal investigation into Exelon; (3) that ComEd's revenues were in part the product of unlawful conduct and thus unsustainable; and (4) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
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If you purchased Exelon securities during the Class Period, you may move the Court no later than February 14, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Exelon securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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