NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of South Carolina on behalf of all persons or entities who purchased or otherwise acquired SCANA Corporation (NYSE: SCG) securities between January 19, 2016 and September 22, 2017 (the “Class Period”). Investors have until November 27, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 discontinue construction of two nuclear power plants in South Carolina, citing rising construction costs. On August 10, 2017, The Post and Courier reported that SCANA CEO Kevin Marsh 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. Following this news, shares of SCANA fell $1.32 per share, or 2.13%, to close at $60.69 per share on August 11, 2017.
Further, 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. The analysis cited factors such as flawed construction plans, faulty engineering designs, and high turnover. The following day, South Carolina lawmakers reacted to the report by urging state regulators to block SCE&G from charging its customers any more for the nuclear project.
If you purchased or otherwise acquired SCANA securities and suffered a loss, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the SCANA Corporation lawsuit, please go to http://www.bespc.com/SCG. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.