NEW YORK, NY / ACCESSWIRE / October 26, 2017 / Pomerantz LLP is investigating claims on behalf of investors of SCANA Corporation (“SCANA” or the “Company”) (NYSE: SCG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether SCANA and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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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. On August 11, 2017, The Post and Courier of Charleston reported that Kevin Marsh, Scana’s Chairman and Chief Executive Officer, 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.
Following this news, Scana?s share price fell $1.32, or 2.13%, to close at $60.69 on August 11, 2017.
That same day, after the close of trading, The Post and Courier reported that a class action had been filed against SCE&G on behalf of South Carolina ratepayers, alleging that SCE&G had overcharged its customers for electricity for nearly 10 years by raising their rates to pay in advance for the construction of the company’s subsequently abandoned nuclear plants. On August 29, 2017, The Post and Courier reported that a second class action had been filed on behalf of SCE&G customers, accusing SCE&G and Scana of fraud and negligence in the years preceding the decision to abandon construction of the company’s nuclear power plants.
Following this news, Scana’s share price fell $0.84, or 1.39%, over the following two trading sessions, to close at $59.75 per share on August 30, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP