Exelon Deadline Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Exelon Corporation To Contact The Firm
New York, New York--(Newsfile Corp. - February 13, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Exelon Corporation (NASDAQ: EXC) ("Exelon" or the "Company") of the February 14, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Exelon stock or options between February 9, 2019 and November 1, 2019 and would like to discuss your legal rights, click here: http://www.faruqilaw.com/EXC. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Exelon securities between February 9, 2019 and November 1, 2019 (the "Class Period"). The case, Flynn v. Exelon Corporation et al., No. 19-cv-08209 was filed on December 16, 2019, and has been assigned to Judge Virginia M. Kendall.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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, Exelon announced the abrupt departure 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 stock price fell from $47.06 per share on October 15, 2019 to $44.91 per share on October 16, 2019: a $2.15 or 4.57% drop.
Then, on October 31, 2019, Exelon disclosed that the U.S. Securities and Exchange Commission ("SEC") had also opened an investigation into the Company's lobbying activities.
On this news, Exelon's stock price fell from $46.66 per share on October 30, 2019 to $45.49 per share on October 31, 2019: a $1.07 or 2.51% drop.
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." 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." Additionally, "[t]he information sought by the FBI included records of communications among Madigan, McClain and Zalewski about attempts to obtain ComEd lobbying work for Zalewski."
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-a total decline of 2.83% since the initial announcement of the SEC investigation.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Exelon's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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