BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Exelon investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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