The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of SCANA Corporation (NYSE: SCG) who purchased shares between January 19, 2016 and October 30, 2017. The action, which was filed in the United States District Court for the District of South Carolina, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that (1) the Company's construction project at V.C. Summer Nuclear Station was facing serious design, construction, and cost headwinds; and (2) the Company had concerns regarding whether its lead contractor for the project, Westinghouse Electric Company, was financial viable and able to continue the project. On July 31, 2017, SCANA's subsidiary South Carolina Electric & Gas Co. ("SCE&G") and Santee Cooper, South Carolina's state-owned electric and water utility announced that they would abandon construction of two nuclear power plants in South Carolina. On August 11, 2017, The Post and Courier of Charleston reported that SCANA's Chairman and Chief Executive Officer, Kevin Marsh, had advised state lawmakers that SCE&G might not resume construction on the nuclear power plants even if a new partner for the project was found. Since then, multiple class actions have been filed against SCE&G alleging that the subsidiary overcharged its customers by raising their rates to pay in advance for the construction of the company's subsequently abandoned nuclear plants.
Shareholders have until November 28, 2017 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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