BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that 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.
Investors suffering losses on their SCANA investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 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.
If you purchased shares of SCANA, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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