Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Exelon Corporation (NasdaqGS: EXC).
Between July and October 2019, the Company disclosed that it and its subsidiary, Commonwealth Edison Company (“ComEd”), had received two grand jury subpoenas from the U.S. Attorney’s Office for the Northern District of Illinois (“USAO”) and that the SEC was investigating their lobbying activities. On July 16, 2020, ComEd agreed to a Deferred Prosecution Agreement (“DPA”) with the USAO that included an admission that from 2011 to 2019, it arranged for jobs, vendor subcontracts, and other benefits to “political allies” of a high-level elected state official for the purpose of garnering influence “with respect to legislation concerning ComEd and its business,” and required payment of a $200 million fine and the institution of various remedial compliance policies and practices.
The Company and certain of its executives have been sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company’s motion to dismiss in part, allowing the case to move forward.
KSF’s investigation is focusing on whether Exelon’s officers and/or directors breached their fiduciary duties to Exelon’s shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Exelon shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (email@example.com), or fill out the form on this page.