We are investigating Exelon Corporation (EXC) (“Exelon” or the “Company”) for potential violations of the federal securities laws.
On July 15, 2019, Exelon announced that both Exelon and Commonwealth Edison (“ComEd”), owned by Exelon, had received a grand jury subpoena from the U.S. Attorney’s Office in Chicago concerning Exelon’s lobbying activities in Illinois. Then, on October 9, 2019, Exelon disclosed receipt of a second grand jury subpoena regarding its communications with Illinois State Senator Martin Sandoval. 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 $2.15 per share, or 4.57%, to close at $44.91 per share on October 16, 2019. Finally, on October 31, 2019, Exelon disclosed that the U.S. Securities and Exchange Commission had also opened an investigation into the Company’s lobbying activities. On this news, Exelon’s stock price fell $1.17, or 2.51%, to close at $45.49 per share on October 31, 2019.