Lawsuit filed for Investors in shares of Exelon Corporation (NASDAQ: EXC)

An investor, who purchased NASDAQ: EXC shares, filed a lawsuit against Exelon Corporation over alleged violations of Federal Securities Laws.

Investors who purchased shares of Exelon Corporation (NASDAQ: EXC) have certain options and for certain investors are short and strict deadlines running. Deadline: February 14, 2020. NASDAQ: EXC investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Chicago, IL based Exelon Corporation, a utility services holding company, engages in energy generation and delivery businesses in the United States and Canada. On October 15, 2019, Exelon Corporation announced the immediate retirement of Anne Pramaggiore, the Company's Senior Executive Vice President and CEO.

According to an article, the abrupt departure of the Company's Senior Executive Vice President and CEO occurred amid federal investigations and subpoenas concerning lobbying activities and an expanding investigation of Senator Martin Sandoval. According to the article, the Company's Senior Executive Vice President and CEO previously ran Commonwealth Edison ("ComEd"), Exelon's Chicago-based utility, which is "among the most prominent lobbyists in Springfield because it has a legal monopoly on power delivery in northern Illinois and must follow rates and rules set by the state."
Then, on October 31, 2019, Exelon Corporation filed its quarterly report on Form 10-K with the SEC in which it disclosed that "[o]n October 22, 2019, the SEC notified Exelon and ComEd that it has also opened an investigation into their lobbying activities."

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" (emphasis added). 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."

The plaintiff claims that between February 9, 2019 and November 1, 2019, the defendants made false and/or misleading statements and/or failed to disclose that Exelon and/or its employees were engaged in unlawful lobbying activities, that the foregoing increased the risk of a criminal investigation into Exelon, that ComEd's revenues were in part the product of unlawful conduct and thus unsustainable, and that, as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Exelon Corporation (NASDAQ: EXC) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.