Northern District Of Illinois Denies Motion To Dismissa Putative Securities Class Action Against Electric Company For Failure Disclose Long Running Bribery Scheme News Today : Breaking News, Live Updates & Top Stories | Vimarsana
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On April 21, 2021, Judge Virginia M. Kendall of the United
States District Court for the Northern District of Illinois denied
a motion to dismiss a putative securities class action against a
large Illinois-based electric company (the “Company) for
violations of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934 and Rule 10b-5 as well as Items 105 and 303 of
Regulation S-K.
Flynn v. Exelon Corp., No.
19-C-8209 (N.D. Ill. April 21, 2021). Plaintiff alleged that
the Company made false and misleading statements and omissions
about an eight-year scheme to bribe Illinois state lawmakers,