SAN FRANCISCO, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Hagens Berman urges Exelon Corporation (EXC) investors who have suffered losses in excess of $50,000 to submit their losses now to learn if they qualify to recover their investment losses. A securities fraud class action has been filed against the Company and senior executives.
Exelon Corporation (EXC) Securities Class Action:
The Complaint alleges that throughout the Class Period, Defendants concealed that Exelon and its executives were engaged in unlawful lobbying activities and that revenues generated by Exelon’s subsidiary, ComEd, were in part the product of unlawful conduct.
The Complaint alleges that the market learned the truth through a series of disclosures, beginning on July 15, 2019, when Defendants disclosed that both Exelon and ComEd had received a grand jury subpoena from the DOJ requiring information concerning their lobbying activities in Illinois.
Then, on Oct. 9, 2019, Defendants disclosed that both Exelon and ComEd had received a second grand jury subpoena from the DOJ, now seeking communications with certain individuals and entities, including Illinois State Senator Martin Sandoval.
On Oct. 15, 2019, Exelon announced the abrupt departure of Anne Pramaggiore, Chief Executive Officer of Exelon Utilities, and former President/CEO of ComEd.
Then, on Oct. 31, 2019, Defendants disclosed that the SEC had also opened an investigation into Exelon’s lobbying activities.
Finally, on Nov. 1, 2019, the Chicago Tribune reported that according to a source with knowledge, Ms. Pramaggiore was one focus of the ongoing federal investigation. According to the same article, ComEd’s lobbying investigation dated back to at least mid-May 2019, 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, the FBI sought communications among Madigan, McClain and Zalewski about attempts to obtain ComEd lobbying work for Zalewski.
If you invested in Exelon between Feb. 9, 2019 and Nov. 1, 2019 (the “Class Period”) and suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
“We’re focused on recovering investors’ substantial losses and proving Exelon concealed its illicit lobbying activities from investors,” said Hagens Berman partner Reed Kathrein.
If you purchased shares of Exelon and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
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 844-916-0895 or email EXC@hbsslaw.com.
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Reed Kathrein, 844-916-0895