Summary
Exelon Corporation (EXC) and its subsidiary Commonwealth Edison Company have disclosed receipt of a second grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois. This latest subpoena requests records of communications with specific individuals and entities, notably Illinois State Senator Martin Sandoval, related to lobbying activities in Illinois. This follows a previous subpoena concerning similar matters. The Companies have stated their full cooperation with the U.S. Attorney's office and intend to continue this cooperation. To address these inquiries, Exelon's Board of Directors previously established a Special Oversight Committee comprised solely of independent directors. This committee, advised by independent outside counsel, is tasked with overseeing the companies' cooperation, compliance with subpoenas, and any subsequent actions. While this filing does not provide details on the substance of the investigation or potential financial implications, it highlights ongoing regulatory scrutiny that investors should monitor.
Key Highlights
- 1Exelon Corp and Commonwealth Edison received a second grand jury subpoena from the U.S. Attorney's Office for the Northern District of Illinois.
- 2The subpoena specifically requests records of communications with certain individuals and entities, including Illinois State Senator Martin Sandoval.
- 3This follows a prior subpoena issued on the same subject of lobbying activities in Illinois.
- 4The Companies have pledged full and expeditious cooperation with the government's requests.
- 5A Special Oversight Committee, composed of independent directors and advised by outside counsel, has been formed to oversee the companies' response.
- 6The filing contains forward-looking statements, and actual results could differ due to various risks and uncertainties previously disclosed in SEC filings.