WASHINGTON--(BUSINESS WIRE)--U.S. Market Advisors Law Group PLLC has completed its initial investigation on behalf of investors of SCANA Corporation (NYSE:SCG). As a result of its findings, the firm is preparing a proposed class action lawsuit to recover losses suffered by SCANA investors.
If you purchased shares of SCANA, please visit the firm’s website for more information or to request a copy of the class action complaint (not yet filed): www.usmarketlaw.com/scana/. You may also contact firm attorney David P. Abel at 202-274-0237 or via email at email@example.com.
The investigation concerns whether SCANA and certain of its executives have violated federal securities laws.
SCANA is an energy-based holding company that delivers power and fuel to customers in the Carolinas and Georgia. In 2008, SCANA’s primary subsidiary, South Carolina Electric & Gas Company (SCE&G), and the South Carolina Public Service Authority (Santee Cooper) announced plans to construct two nuclear reactors. The nuclear project has been paid for in large part by repeated utility customer rate hikes, granted under the requirement that construction costs were prudent.
On July 31, 2017, after nine years of purported progress, SCANA's SCE&G and Santee Cooper announced that they would halt construction of the nuclear project.
On September 4, 2017, South Carolina Governor Henry McMaster's office released an audit report that had been kept secret by the utility companies for approximately 18 months. The report warned of serious problems that put the nuclear project at risk. Certain South Carolina lawmakers reacted by urging regulators to block SCE&G from recovering outstanding nuclear project costs from its customers.
On September 21, 2017, SCANA announced that it had been served with a subpoena issued by the United States Attorney’s Office for the District of South Carolina seeking documents relating to its nuclear project.
SCANA’s stock price closed at $57.18 per share on September 21, 2017, marking a decline of $18.94 per share, or 24.9%, from its closing price high of $76.12 per share on July 6, 2016.
U.S. Market Advisors Law Group PLLC is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities and shareholder litigation. To learn more, visit usmarketlaw.com.