In a heavy saucepan, combine brown sugar, corn syrup and peanut butter. Cook and stir over medium heat until smooth. Remove from the heat; stir in the cereal and peanuts.
When cool enough to handle, drop by tablespoons onto waxed paper-lined baking sheets. Form into egg shapes. Refrigerate until firm. In a microwave, melt chocolate chips and shortening; stir until smooth. Dip eggs in chocolate; allow excess to drip off. Place on waxed paper-lined baking sheets. Decorate with sprinkles. Let stand until set.
*Reduced-fat or generic brands of peanut butter are not recommended for this recipe.