The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of South Carolina on behalf of investors who purchased SCANA Corporation (NYSE : SCG) securities between January 19, 2016 and October 30, 2017.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's construction project at V.C. Summer Nuclear Station was facing serious design, construction, and cost headwinds; and (2) the Company had concerns regarding whether its lead contractor for the project, Westinghouse Electric Company, was financially viable and able to continue the project. 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. On August 11, 2017, The Post and Courier of Charleston reported that SCANA's Chairman and Chief Executive Officer, Kevin Marsh, 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. Since then, multiple class actions have been filed against SCE&;G alleging that the subsidiary overcharged its customers by raising their rates to pay in advance for the construction of the company's subsequently abandoned nuclear plants.
If you suffered a loss in SCANA Corporation you have until November 28, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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