Lawsuit Overview
Settlement Overview
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November 4, 2013 - The court approved the settlement and entered the orders approving the plan of allocation, awarding lead counsel's attorneys’ fees and expenses, and dismissing the action with prejudice.
May 8, 2013 - The court preliminarily approved the settlement.
March 22, 2013 - Parties filed a stipulation of settlement.
September 17, 2010 - The lead plaintiff filed a second amended consolidated complaint on behalf of investors who purchased Constellation Energy Group Inc (NYSE: CEG) Series A Junior Subordinated Debentures issued pursuant and/or traceable to Constellation Energy Group Inc's Registration Statement and Prospectus governing its June 27, 2008 Subordinated Debentures offering. The lead plaintiff alleges that the defendants violated the Securities Act of 1933.
August 13, 2010 - The court granted in part and denied in part defendants' motion to dismiss.
November 17, 2009 - Defendants filed motions to dismiss.
September 17, 2009 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Constellation Energy Group Inc (NYSE: CEG) common shares between January 30, 2008 and September 16, 2008 as well as the Series A Junior Subordinated Debentures issued pursuant and/or traceable to Constellation Energy Group Inc's Registration Statement and Prospectus governing its June 27, 2008 Subordinated Debentures offering. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between January 30, 2008 and September 16, 2008.
June 18, 2009 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.
February 18, 2009 - Another investor filed a complaint in the U.S. District Court for the Southern District of New York.
February 13, 2009 - The case was transferred to the U.S. District Court for the District of Maryland.
November 21, 2008 - Lead plaintiff motions were filed.
November 12, 2008 - Another investor filed a complaint in the U.S. District Court for the Southern District of New York.
November 4, 2008 - Another investor filed a complaint in the U.S. District Court for the District of Maryland.
October 28, 2008 - Another investor filed a complaint in the U.S. District Court for the District of Maryland.
September 22, 2008 - An investor in shares of Constellation Energy Group Inc (NYSE: CEG) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Constellation Energy Group Inc in connection with certain allegedly false and misleading statements made between January 30, 2008 and September 16, 2008, including the Series A Junior Subordinated Debentures, pursuant and/or traceable to the Constellation Energy Group Inc’s Registration Statement and Prospectus issued in connection with the Constellation Energy Group Inc’s June 27, 2008 Preferred Securities.
Constellation Energy Group Inc is currently awaiting approval of the sale of half of its nuclear power business to French power giant, Électricité de France International after rejecting the proposed sale to Warren Buffet’s MidAmerican Energy Holdings Co.
According to the complaint the plaintiff alleges that Constellation Energy Group Inc and certain of its officers and directors and its underwriters violated the Securities Exchange Act of 1934 and the Securities Act of 1933. Specifically the complaint alleges that due to defendants’ positive, but false, statements, Constellation Energy Group Inc’s stock closed as high as $88.25 per share on June 9th, 2008 and on June 27th, 2008, defendants consummated the sale of Constellation Energy Group Inc’s Preferred Securities pursuant to the false and misleading Registration Statement, selling 18 million shares at $25.00 per share for proceeds of approximately $435.8 million. In July 2008 Constellation Energy Group Inc reported favorable financial results and reaffirmed EPS guidance of 5.75 per share for 2008. But in August 2008, analysts questioned Constellation Energy Group Inc’s accounting and the implications of a credit downgrade. Then, on September 15th, 2008, investors and the market became aware of Constellation Energy Group Inc’s exposure to Lehman Brothers Holdings Inc’s bankruptcy, which affected the Constellation Energy Group Inc‘s ability to engage in energy-related trades and as a result of this news Constellation Energy Group Inc’s shares dropped to $47.99 or a 50% decline from the Constellation Energy Group Inc’s high of $97.34 per share between January 30th, 2008 and September 16th, 2008, so the lawsuit. The plaintiff alleges that the defendants were aware of the material undisclosed information which contradicted their public statements.