Exelon Corp. /zigman2/quotes/205982254/composite EXC +1.13% disclosed in its 2019 annual report that it now acknowledges there is a risk that previously disclosed federal investigations into lobbying activities could lead to criminal or civil penalties. Shares of the energy generation, power marketing and energy delivery company fell 0.7% in premarket trading. Exelon disclosed late Tuesday that a it received a grand jury subpoena in the second quarter of 2019 from the U.S. Attorney's Office for the Northern District of Illinois requiring information concerning lobbying activities in the state, then received a second subpoena on Oct. 4 for records of communications. The company has also disclosed that on Oct. 22, it and subsidiary Commonwealth Edison (ComEd) were notified that the Securities and Exchange Commission opened an investigation into lobbying activities. "The outcome of the U.S. Attorney's Office and SEC investigations cannot be predicted and could subject Exelon and ComEd to criminal or civil penalties, sanctions or other remedial measures," Exelon stated. Previous disclosures didn't list criminal or civil penalties as risks. The stock has gained 3.0% over the past 12 months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% has rallied 22.3%.