Settlement of Flynn v. Exelon Corporation, et al.
On September 7, 2023, U.S. District Judge Virginia Kendall granted final approval of the parties’ settlement of this action, pending in the United States District Court for the Northern District of Illinois, Eastern Division. The settlement provides for the payment of $173,000,000 for the benefit of eligible Settlement Class Members. Lead Plaintiff Local 295 IBT Employer Group Pension Trust Fund alleged that the Exelon Corporation (“Exelon”), its subsidiary Commonwealth Edison Company (“ComEd,” together with Exelon, the “Company”) and certain executives made statements that were false or misleading because they did not disclose an allegedly improper or unlawful bribery scheme to secure legislation favorable to the Company and downplayed the government’s investigation of the Company. Lead Plaintiff claimed that these false and misleading statements and omissions artificially inflated Exelon’s stock price and when the truth was eventually disclosed, the price of Exelon stock declined, resulting in substantial damages to the Settlement Class.
The Class consists of all Persons and entities who purchased or otherwise acquired Exelon common stock between February 8, 2019 and October 31, 2019, inclusive, and were damaged thereby. Excluded from the Settlement Class are: Defendants, the current and Settlement Class Period officers and directors of the Company, the members of the immediate families and the legal representatives, affiliates, heirs, successors-in-interest, or assigns of any such excluded person, and any entity in which such excluded persons have or had a controlling interest. Also excluded from the Settlement Class are those Persons who timely and validly request exclusion from the Settlement Class pursuant to the Notice.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.