NEW YORK, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Exelon Corporation (NASDAQ: EXC), Green Dot Corporation (NYSE: GDOT), Trulieve Cannabis Corporation (Other OTC: TCNNF), and Forescout Technologies, Inc. (NASDAQ: FSCT). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Exelon Corporation (NASDAQ: EXC)
Class Period: February 9, 2019 to November 1, 2019
Lead Plaintiff Deadline: February 14, 2020
Exelon owns various “Utility Registrants”, including, among other entities, Commonwealth Edison (“ComEd”). ComEd’s parent company is Exelon Utilities.
On July 15, 2019, Exelon filed a Current Report on Form 8-K with the SEC, disclosing that both Exelon and ComEd had “received a grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois requiring production of information concerning their lobbying activities in the State of Illinois.”
Then, on October 9, 2019, Exelon filed another Current Report on Form 8-K with the SEC, disclosing that, on October 4, 2019, both Exelon and ComEd “received a second grand jury subpoena from the U.S. Attorney’s Office for the Northern District of Illinois that requires production of records of any communications with certain individuals and entities, including Illinois State Senator Martin Sandoval.” That Current Report also disclosed that, as far back as “[o]n June 21, 2019, the Exelon Corporation Board formed a Special Oversight Committee, consisting solely of independent directors, to oversee [Exelon and ComEd’s] cooperation and compliance with the subpoena, any further action taken by the U.S. Attorney and any resulting actions that may be required or recommended.”
On October 15, 2019, Exelon issued a press release announcing the abrupt departure of Anne Pramaggiore (“Pramaggiore”), Chief Executive Officer (“CEO”) of Exelon Utilities, and former President/CEO of ComEd. The Company’s statement on Pramaggiore’s retirement offered no reason for her departure, but analysts following the Company concluded that the criminal subpoenas and Pramaggiore’s abrupt resignation were related.
On this news, Exelon’s stock price fell $2.15 per share, or 4.57%, to close at $44.91 per share on October 16, 2019.
Then, on October 31, 2019, Exelon filed a Quarterly Report on Form 10-Q with the SEC, disclosing that “[o]n October 22, 2019, the SEC notified Exelon and ComEd that it has also opened an investigation into their lobbying activities.”
On this news, Exelon’s stock price fell $1.17 per share, or 2.51%, to close at $45.49 per share on October 31, 2019.
Finally, on November 1, 2019, the Chicago Tribune reported that “[a] source with knowledge of the case in Chicago” confirmed that “Pramaggiore is one focus of the ongoing federal investigation.” According to the same article, “[t]he ComEd lobbying investigation dates to at least mid-May, when the FBI executed search warrants at the homes of former lobbyist Mike McClain of Quincy, a longtime confidant of House Speaker Michael Madigan, and of former 23rd Ward Ald. Michael Zalewski.” Additionally, “[t]he information sought by the FBI included records of communications among Madigan, McClain and Zalewski about attempts to obtain ComEd lobbying work for Zalewski.”
On this news, Exelon’s stock price fell an additional $0.15 per share to close at $45.34 per share on November 1, 2019.
The Complaint, filed on December 16, 2019, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Exelon and/or its employees were engaged in unlawful lobbying activities; (ii) the foregoing increased the risk of a criminal investigation into Exelon; (iii) ComEd’s revenues were in part the product of unlawful conduct and thus unsustainable; and (iv) that, as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Exelon class action go to: https://bespc.com/exc
Green Dot Corporation (NYSE: GDOT)
Class Period: May 9, 2018 to November 7, 2019
Lead Plaintiff Deadline: February 17, 2020
On November 7, 2019, after market close, Green Dot released its financial and operating results for the third fiscal quarter and nine months period ended September 30, 2019. During the conference call to discuss the results, Green Dot’s CEO revealed that the continuing year-over-year decline of accounts in its active consumer business approximated 620,000 and were mostly “onetime use accounts.”
On this news, the stock price declined from a close of $29.95 per share on November 7, 2019 to a close of $24.54 per share on November 8, 2019, a drop of approximately 18.06 percent
The complaint, filed on December 18, 2019, alleges that Green Dot made false and/or misleading statements and/or failed to disclose that: (1) Green Dot's strategy to attract “high-value” long-term customers was at the expense of “one and done” customers; (2) Green Dot’s “one and done” customers represented a significant source of revenues in its legacy segment; (3) consequently, Green Dot’s strategy was self-sabotaging; and (4) as a result of the foregoing, Defendants’ statements about its business and operations were materially false and misleading at all relevant times.
For more information on the Green Dot lawsuit go to: https://bespc.com/gdot-2
Trulieve Cannabis Corporation (Other OTC: TCNNF)
Class Period: September 25, 2018 to December 17, 2019
Lead Plaintiff Deadline: February 28, 2020
On December 17, 2019, Grizzly Research published an article reporting that the majority of the Company’s cultivation space comes from “hoop houses that produce low quality output,” that there were extensive ties between Trulieve and ongoing FBI corruption investigations, that the Company’s initial license approval “stinks of corruption,” and that the Company engaged in various undisclosed related party transactions.
On this news, Trulieve’s stock price fell $1.51 per share, or over 12.6%, to close at $10.40 per share on December 17, 2019.
The complaint, filed on December 30, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Trulieve overstated its mark-up on its biological assets; (2) therefore, Trulieve’s reported gross profit was inflated; (3) Trulieve engaged in an undisclosed related party real estate sale with Defendant Rivers’ husband; and (4) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Trulieve Cannabis class action go to: https://bespc.com/tcnnf
Forescout Technologies, Inc. (NASDAQ: FSCT)
Class Period: February 7, 2019 to October 9, 2019
Lead Plaintiff Deadline: March 2, 2020
On October 10, 2019, during pre-market hours, Forescout issued a press release announcing preliminary third quarter 2019 (“3Q19”) financial results. That press release lowered 3Q19 revenue guidance to $90.6 million to $91.6 million, compared to prior revenue guidance of $98.8 million to $101.8 million, and market consensus of $100.52 million. In explaining these results, defendants cited “extended approval cycles which pushed several deals out of the third quarter,” which “was most pronounced in EMEA.”
On this news, Forescout’s stock price fell $14.63 per share, or 37.32%, to close at $24.57 per share on October 10, 2019.
The complaint, filed on January 2, 2020, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Forescout was experiencing significant volatility with respect to large deals and issues related to the timing and execution of deals in the Company’s pipeline, especially in Europe, the Middle East, and Africa (“EMEA”); (ii) the foregoing was reasonably likely to have a material negative impact on the Company’s financial results; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Forescout class action go to: https://bespc.com/fsct
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com