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In re: Exelon Corporation Derivative Litigation

Docket 1:21-cv-03611, Illinois Northern District Court (July 8, 2021)
Honorable John Robert Blakey, presiding
Stockholders Suits
DivisionChicago
FlagsJANTZ, STAYED
Demand$9,999,000
Cause28:1332 Diversity - Stockholders Suits
Case Type160 Stockholders Suits
Tags160 Stockholders Suit, 160 Stockholders Suit
Plaintiff James Clem
Plaintiff Benjamin Jason Wax
Plaintiff Michael Dybas
...
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No. 1 COMPLAINT filed by James Clem; Jury Demand

Document In re: Exelon Corporation Derivative Litigation, 1:21-cv-03611, No. 1 (N.D.Ill. Jul. 8, 2021)
Complaint
One of its subsidiaries is ComEd, which, according to the Company's combined Quarterly Report on Form 10-Q filed with the SEC on May 8, 2020, purchases, transmits, and distributes electricity in northern Illinois, including the City of Chicago.
During the relevant period, the Individual Defendants made false and misleading statements, engaged in a scheme to deceive the market, and undertook a course of conduct that artificially inflated the price of Exelon common stock.
In particular, the 2018 Form 10-K stated: The Registrants [including Exelon and ComEd] have large consumer customer bases and as a result could be the subject of public criticism focused on the operability of their assets and infrastructure and quality of their service.
Energy efficiency revenue increased during the three and six months ended June 30, 2019 as compared to the same period in 2018, primarily due to the impact of higher rate base[,]" without disclosing the role the bribery scandal played in the passage of FEJA.
Extraordinary equitable and/or injunctive relief as permitted by law, equity, and state statutory provisions sued hereunder, including attaching, impounding, imposing a constructive trust on, or otherwise restricting the proceeds of defendants' trading activities or their other assets so as to assure that plaintiff on behalf of Exelon has an effective remedy;
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