RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased SCANA Corporation (NYSE: SCG) (“SCANA” or the “Company”) securities between January 19, 2016 and September 22, 2017, inclusive (the “Class Period”).
SCANA shareholders may, no later than November 27, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of SCANA and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
SCANA is an energy-based holding company whose principal subsidiary, South Carolina Electric & Gas Company, is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity. The complaint alleges that during the Class Period the defendants artificially drove up the price of SCANA’s stock by issuing a series of false and misleading statements, and omitting material information, concerning the progress, cost, and completion schedule of a multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station (the “Nuclear Project”) in South Carolina.
As detailed in the complaint, on February 14, 2017, SCANA issued a report to the South Carolina Office of Regulatory Staff that included “a revised completion schedule” for the Nuclear Project. Following this news, shares of SCANA’s stock fell $3.17 per share, or 4.5%, to close on February 14, 2017 at $66.86 per share.
Subsequently, SCANA publicly announced that it would abandon construction of the Nuclear Project because of delays and cost overruns. Finally, on September 22, 2017, the South Carolina Attorney General requested that the State Law Enforcement Division launch a criminal investigation related to the Nuclear Project. Following this news, SCANA’s stock price fell an additional $1.96 per share, or 3.4%, to close on September 22, 2017 at $55.22 per share.
If you are a member of the class, you may, no later than November 27, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.