RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against SCANA Corporation (NYSE: SCG) (“SCANA” or the “Company”) on behalf of purchasers of the Company’s securities between January 19, 2016 and September 22, 2017, inclusive (the “Class Period”).
SCANA shareholders who purchased securities during the Class Period may, no later than November 27, 2017, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/scana-corporation#join
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.
SCANA shareholders may, no later than November 27, 2017, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.