An investigation was announced for investors in NYSE:SCG shares over potential securities laws violations by SCANA and certain of its directors and officers.
Investors who purchased shares of SCANA Corporation (NYSE:SCG), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm focuses on whether certain statements by SCANA Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On July 31, 2017, SCANA Corporation’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, citing rising construction costs.
Then on August 11, 2017, it was reported that Kevin Marsh, Scana’s Chairman and Chief Executive Officer, 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. That same day, after the close of trading, it was reported that a class action lawsuit had been filed against SCE&G on behalf of South Carolina ratepayers, alleging that SCE&G had overcharged its customers for electricity for nearly 10 years by raising their rates to pay in advance for the construction of the company’s subsequently abandoned nuclear plants.
Then on August 29, 2017,it was reported that a second class action lawsuit had been filed on behalf of SCE&G customers, accusing SCE&G and SCANA Corporation of fraud and negligence in the years preceding the decision to abandon construction of the company’s nuclear power plants.
Those who purchased shares of SCANA Corporation (NYSE:SCG) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego