SAN DIEGO & CAYCE, S.C.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that a class action complaint was filed against SCANA Corporation (NYSE: SCG). The complaint is brought on behalf of all purchasers of SCANA securities between January 19, 2016 and September 22, 2017, for alleged violations of the Securities Exchange Act of 1934 by SCANA's officers and directors. SCANA, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity to retail and wholesale customers in South Carolina.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/scana-corporation.
SCANA Accused of Misrepresenting Status of Its Nuclear Project
According to the complaint, SCANA officials misled investors about the true status of the company's multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station (the "Nuclear Project"). Rather than disclose that the Nuclear Project was facing serious design, construction, and cost headwinds, SCANA officials created a false impression that the project was running smoothly within a reasonable budget and on schedule. SCANA officials also failed to mention that they had concerns about the financial viability of the lead contractor for the project, Westinghouse Electric Company, to continue construction of the project. On July 31, 2017, after a year and a half of touting the Nuclear Project's successes, SCANA announced that it was abandoning construction of the Nuclear Project because of delays and cost overruns. On September 22, 2017, South Carolina Attorney General Alan Wilson requested that the State Law Enforcement Division launch a criminal investigation related to the Nuclear Project. Since news of the project's cancelation became public, SCANA's stock price plummeted, eventually closing at $55.22 per share on September 22, 2017.
SCANA Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Source: Robbins Arroyo LLP