SAN FRANCISCO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Exelon Corporation (EXC) investors who have suffered losses in excess of $50,000 to submit their losses now or contact the firm immediately to learn if they qualify to recover compensable damages. The firm has opened an investigation into Exelon and investors may have valuable claims against the company and its senior management for violations of federal securities laws.
|Relevant Holding Period: Before Nov. 1, 2019|
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Exelon Corporation (EXC) Investigation:
The investigation centers on whether Exelon adequately disclosed the legality and financial impact of its lobbying activities.
Exelon is an energy company that owns utilities in Philadelphia, Baltimore and Washington, D.C., as well as Commonwealth Edison (“ComEd”) in Chicago.
On July 15, 2019, Exelon announced that the company and ComEd had received a grand jury subpoena from the U.S. Attorney concerning Exelon’s lobbying activities in Illinois.
On Oct. 9, 2019, Exelon disclosed that it and ComEd had received a second grand jury subpoena concerning its communications with Illinois State Senator Martin Sandoval.
Less than a week later, on Oct. 15, 2019, Exelon announced the sudden exit of Anne Pramaggiore, Sr. EVP and CEO of Exelon Utilities. Analysts immediately identified the criminal subpoenas and Pramaggiore’s abrupt resignation as “being directly related to each other.”
Finally, on Oct. 31, 2019, the Company announced the SEC had now opened an investigation into the Company’s lobbying activities. Significantly, when asked by analysts, Exelon’s CEO Chris Crane declined to respond whether the investigations into Exelon and ComEd’s practices went beyond Illinois.
In response to these disclosures, the price of Exelon shares has dropped precipitously.
Whistleblowers: Persons with non-public information regarding Exelon should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email EXC@hbsslaw.com.
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