Case Page

 

Case Status:    DISMISSED    
On or around 06/13/2003 (Date of order of final judgment)

Filing Date: May 08, 2002

According to the docket, on August 1, 2002, the Court entered the Order by U.S. District Judge Ruben Castillo consolidating the actions, appointing Lead Plaintiff and approving selection of Lead and Liaison Counsel. On October 1, 2002, the plaintiff filed a Consolidated Amended Class Action Complaint, and, on December 6, 2002, the defendants responded by filing a motion to dismiss the Consolidated Amended Class Action Complaint. On June 13, 2003, the Court entered the Order granting the motion to dismiss with prejudice. Further, Judgment was entered in favor of the defendants and against the plaintiffs. The case is closed.

The original complaint charges that defendants violated Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by
issuing a series of materially false and misleading statements to the market
between April 24, 2001 and September 27, 2001. The complaint alleges that
Exelon repeatedly issued statements concerning the strength of its operations
and repeatedly assured the market that it would meet or beat its $4.50 per
share earnings figure for 2001. The complaint alleges that these statements
were materially false and misleading because they failed to disclose, among
other things: (a) that the investments in telecommunications companies held by
Exelon's Enterprises segment were plummeting in value at a rapid pace.
Accordingly, Enterprises could not and would not meaningfully contribute to the
Company's results and, in fact, the Company was carrying tens of millions of
dollars of impaired investments on its financial statements; and (b) that
InfraSource, Exelon's infrastructure subsidiary, was experiencing declining
demand for its products as its primary customers, telecommunications companies,
were facing severe industry-wide problems, such as mounting debt and over-
capacity, and were significantly cutting back on their capital expenditures. On
September 27, 2001, Exelon issued a press release announcing that it would not
meet its earnings commitment of $4.50 for 2001, blaming the economy, poor
weather and write-downs for failed investments made by the Enterprises unit. In
reaction to the announcement, Exelon's common stock price plunged by 22%,
falling to a low of $38.85 per share on September 27, 2001, after closing at
$50.45 the previous day, on extremely heavy trading volume.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: EXC
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Illinois
DOCKET #: 02-CV-03316
JUDGE: Hon. Ruben Castillo
DATE FILED: 05/08/2002
CLASS PERIOD START: 04/24/2001
CLASS PERIOD END: 09/27/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  2. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  4. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
  5. Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C.
    200 N LaSalle St Ste 2100, Much, Shelist, Freed, Denenberg, Ament & Eiger, P.C., IL 60601
    312.346.3100 ·
  6. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
No Document Title Filing Date
COURT: N.D. Illinois
DOCKET #: 02-CV-03316
JUDGE: Hon. Ruben Castillo
DATE FILED: 10/01/2002
CLASS PERIOD START: 04/24/2001
CLASS PERIOD END: 09/27/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brian Felgoise
    230 South Broad Street, Suite 404 , Brian Felgoise, PA 19102
    215.735.6810 215/735.5185. ·
  2. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  3. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  4. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  5. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  6. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  7. Miller Faucher and Cafferty LLP
    30 North LaSalle Street, Miller Faucher and Cafferty LLP, IL 60602
    312.782.4880 ·
  8. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  9. Schiffrin, Craig & Barroway
    3 Bala Plaza, East, Suite 400, Schiffrin, Craig & Barroway, PA 19004
    610-667-7706 ·
  10. Scott & Scott LLC (Connecticut)
    P.O. Box 192, 108 Norwich Avenue, Scott & Scott LLC (Connecticut), CT 06415
    860.537.5537 860.537.4432 · scottlaw@scott-scott.com
  11. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
No Document Title Filing Date