Welcome to the Exelon Securities Litigation Website
This website has been established to provide general information related to the proposed settlement of the case known as Flynn v. Exelon Corporation, et al., No. 1:19-cv-08209, pending before the United States District Court for the Northern District of Illinois (the "Court"). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation of Settlement (the "Stipulation") dated May 26, 2023, which can be found and downloaded by clicking on the Case Documents tab above. Your rights may be affected if you purchased or acquired the common stock of Exelon Corporation (“Exelon” or the "Company") between February 8, 2019 and October 31, 2019, inclusive (the “Settlement Class Period”).
The law firm of Robbins Geller Rudman & Dowd LLP represents the Settlement Class Members. These lawyers are called Lead Counsel. You will not be directly charged for these lawyers. If you want to be represented by your own lawyer, you may hire one at your own expense.
WHAT IS THIS LAWSUIT ABOUT?
As more fully described in the Notice of Pendency and Proposed Settlement of Class Action (the "Notice"), Lead Plaintiff’s Complaint for Violations of the Federal Securities Laws (the “Complaint”), was filed on September 16, 2020. Among other things, the Complaint alleges violations of the Exchange Act premised on certain statements that Lead Plaintiff claims were false or misleading because they, inter alia, did not disclose an allegedly improper or unlawful bribery scheme to secure legislation favorable to the Company and allegedly downplayed the government’s investigation of the Company. Lead Plaintiff contends that these allegedly false and misleading statements and/or omissions artificially inflated Exelon’s stock price and when the alleged truth was eventually disclosed, the price of Exelon stock declined, resulting in substantial damages to the Settlement Class. Thus, Lead Plaintiff alleges that Settlement Class Members overpaid for Exelon common stock during the relevant time period. Defendants have vigorously denied and continue to vigorously deny that they did anything wrong.
In March 2022, the parties commenced mediation efforts presided over by the Honorable Layn R. Phillips (ret.) of Phillips ADR Enterprises. The parties participated in mediation sessions between March 2022 and April 2023, and through the mediation process ultimately agreed to settle the Litigation for $173 million.
WHAT DOES THE SETTLEMENT PROVIDE?
Defendants have agreed to cause to be paid $173 million in cash. The balance of this fund after payment of Court-approved attorneys’ fees and expenses and any award to Lead Plaintiff and the costs of claims administration, including the costs of printing and mailing the Notice and the cost of publishing newspaper notice, and Taxes and Tax Expenses (the “Net Settlement Fund”), will be divided among all eligible Settlement Class Members who send in valid Claim Forms.
ADDITIONAL INFORMATION
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice and Stipulation, both of which can be found and downloaded by clicking on the Case Documents tab above. We recommend that you read the Notice and other relevant case documents carefully. You may also wish to read the answers to Frequently Asked Questions provided on this website.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
| SUBMIT A CLAIM |
This is the only way to be eligible to receive a payment. If you are a Settlement Class Member, and do not exclude yourself from the Settlement Class, you will be bound by the Settlement as approved by the Court and you will give up any “Released Claims” (as defined in the Notice) that you have against the Defendants and the other “Released Parties” (as defined in the Notice). Proof of Claim and Release forms (“Proof of Claim” or “Claim Form”) must be postmarked (if mailed) or received (if submitted online) on or before September 28, 2023. |
| EXCLUDE YOURSELF |
If you exclude yourself from the Settlement Class, you will not be eligible to receive any payment from the Settlement Fund. This is the only option that potentially allows you to participate in another lawsuit against the Defendants or the other Released Parties relating to the Released Claims being released in this case. Should you elect to exclude yourself from the Settlement Class, you should understand that Defendants and the other Released Parties will have the right to assert any and all defenses they may have to any claims that you may seek to assert, including, without limitation, the defense that any such claims are untimely under applicable statutes of limitations and statutes of repose. Exclusions must be postmarked on or before August 17, 2023. |
| OBJECT |
You may write to the Court if you do not like this Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. You will still be a Member of the Settlement Class. Objections must be received by the Court and counsel for the Settling Parties on or before August 17, 2023. |
| GO TO A HEARING ON SEPTEMBER 7, 2023 at 9:00 A.M. |
Submitting a written objection and notice of intention to appear by August 17, 2023, allows you to speak in Court about the fairness of the Settlement, the Plan of Allocation and/or the request for attorneys’ fees and expenses. If you submit a written objection, you may (but you do not have to) attend the hearing and speak to the Court about your objection. |
| DO NOTHING |
If you are a Member of the Settlement Class and you do not submit a Proof of Claim by September 28, 2023, you will not be eligible to receive any payment from the Net Settlement Fund. You will, however, remain a Member of the Settlement Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the action. |
IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
September 28, 2023 |
| Request Exclusion: |
August 17, 2023 |
| Submit Objection: |
August 17, 2023 |
| File Notice of Intention to Appear: |
August 17, 2023 |
| Settlement Hearing: |
September 7, 2023 at 9:00 a.m. |