LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased SCANA Corporation (“SCANA” or the “Company”) (NYSE: SCG) securities between January 19, 2016 and September 22, 2017, inclusive (the “Class Period”). SCANA investors have until November 27, 2017 to file a lead plaintiff motion. To obtain information or participate in the class action, please visit the SCANA page on our website at www.glancylaw.com/case/scana-corporation.
Investors suffering losses on their SCANA investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
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 abandon construction of two nuclear power plants in South Carolina, citing rising construction costs. Then on August 11, 2017, The Post and Courier of Charleston reported that Kevin Marsh, SCANA’s Chairman and CEO, had 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.
On this news, SCANA’s share price fell $1.32, or 2.13%, to close at $60.69 on August 11, 2017.
The complaint filed in this class action alleges that throughout the Class Period the Company made false and/or misleading statements and/or failed to disclose that: (1) SCANA’s primary contractor for the V.C. Summer Nuclear Station construction project, Westinghouse, lacked a legitimate construction schedule; (2) Westinghouse’s reactor design was often not constructible; (3) Westinghouse lacked the organization needed to complete the V.C. Summer Nuclear Station construction project; and (4) as a result, SCANA’s public statements were materially false and misleading at all relevant times.
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If you purchased shares of SCANA during the Class Period you may move the Court no later than November 27, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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