NEW YORK--(BUSINESS WIRE)--Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Exelon Corporation ("Exelon" or the "Company") (NASDAQ: EXC) between February 9, 2019, and November 1, 2019, inclusive (the "Class Period"). The lawsuit filed in the United States District Court for the Northern District of Illinois alleges violations of the Securities Exchange Act of 1934.
If you purchased Exelon securities, and/or would like to discuss your legal rights and options please visit Exelon Shareholder Class Action or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Specifically, 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) that, as a result, the Company's public statements were materially false and misleading at all relevant times.
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. On 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 October 31, 2019, during intraday trading, Exelon filed a Quarterly Report on Form 10-Q with the SEC, disclosing that [o]n October 22, 2019, the SEC notified Exelon and ComEd that it has also opened an investigation into their lobbying activities. On this news, Exelon’s stock price fell $1.17 per share, or 2.51%, to close at $45.49 per share on October 31, 2019.
Finally, 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. On this news, Exelon’s stock price fell an additional $0.15 per share to close at $45.34 per share on November 1, 2019, total decline of 2.83% since the initial announcement of the SEC investigation.
If you purchased Exelon securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/exeloncorporation-exc-shareholder-class-action-lawsuit-stock-fraud-232/apply/ contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than February 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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