CLASS ACTION UPDATE: Law Office of Brodsky & Smith, LLC Reminds Investors of Deadline in Class Action Against Exelon Corporation (Nasdaq: EXC)

BALA CYNWYD, January 3, 2020 /Access Wire/ – Law office of Brodsky & Smith, LLC reminds investors of the deadline to file regarding claims against Exelon Corporation (“Exelon” or the “Company”) (Nasdaq: EXC) for possible breaches of Federal Securities law.

According to the filed complaint, on July 15, 2019, the Company filed an 8-K with the SEC, disclosing that both Exelon and Commonwealth Edison (“ComEd”) had “received a grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois requiring production of information concerning their lobbying activities in the State of Illinois.” Thereafter, on October 9, 2019, Exelon filed another 8-K disclosing that, on October 4, 2019, both Exelon and ComEd “received a second grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois that requires production of records of any communications with certain individuals and entities, including Illinois State Senator Martin Sandoval.”

On October 15, 2019, Exelon issued a press release announcing, without explanation, that Anne Pramaggiore (“Pramaggiore”), CEO of Exelon Utilities, and former President/CEO of ComEd had resigned. Analysts following Exelon concluded that the subpoenas and Pramaggiore’s abrupt resignation were related.  Following 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.

On November 1, 2019, 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.” According to the same article, “[t]he ComEd lobbying investigation dates to at least mid-May, 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.” Following this news, Exelon’s stock price fell an additional $0.15 per share to close at $45.34 per share on November 1, 2019.

The filed complaint alleges that, throughout the Class Period, the 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) as a result, Exelon’s public statements were materially false and misleading at all relevant times.

If you purchased shares of Exelon between February 9, 2019 and November 1, 2019 and wish to discuss the legal ramifications of the investigation, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. The deadline for filing is February 14, 2020. You may contact Marc Ackerman, Esquire or Jordan Schatz, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 510, Bala Cynwyd, PA 19004, or by calling toll free 877-534-2590.

Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and have successfully recovered millions of dollars for our clients and shareholders. Attorney advertising. Prior results do not guarantee a similar outcome.