Shareholder Alert: U.S. Market Advisors Law Group PLLC Completes Initial Investigation of SCANA Corporation (SCG)
22 September 2017 - 11:50AM
Business Wire
U.S. Market Advisors Law Group PLLC has completed its initial
investigation on behalf of investors of SCANA Corporation
(NYSE:SCG). As a result of its findings, the firm is preparing a
proposed class action lawsuit to recover losses suffered by SCANA
investors.
If you purchased shares of SCANA, please visit the firm’s
website for more information or to request a copy of the class
action complaint (not yet filed): www.usmarketlaw.com/scana/. You may also contact firm attorney David
P. Abel at 202-274-0237 or via email at dabel@usmarketlaw.com.
The investigation concerns whether SCANA and certain of its
executives have violated federal securities laws.
SCANA is an energy-based holding company that delivers power and
fuel to customers in the Carolinas and Georgia. In 2008, SCANA’s
primary subsidiary, South Carolina Electric & Gas Company
(SCE&G), and the South Carolina Public Service Authority
(Santee Cooper) announced plans to construct two nuclear reactors.
The nuclear project has been paid for in large part by repeated
utility customer rate hikes, granted under the requirement that
construction costs were prudent.
On July 31, 2017, after nine years of purported progress,
SCANA's SCE&G and Santee Cooper announced that they would halt
construction of the nuclear project.
On September 4, 2017, South Carolina Governor Henry McMaster's
office released an audit report that had been kept secret by the
utility companies for approximately 18 months. The report warned of
serious problems that put the nuclear project at risk. Certain
South Carolina lawmakers reacted by urging regulators to block
SCE&G from recovering outstanding nuclear project costs from
its customers.
On September 21, 2017, SCANA announced that it had been served
with a subpoena issued by the United States Attorney’s Office for
the District of South Carolina seeking documents relating to its
nuclear project.
SCANA’s stock price closed at $57.18 per share on September 21,
2017, marking a decline of $18.94 per share, or 24.9%, from its
closing price high of $76.12 per share on July 6, 2016.
U.S. Market Advisors Law Group PLLC is a national law firm based
in the District of Columbia. The firm represents investors in
antitrust, securities and shareholder litigation. To learn more,
visit usmarketlaw.com.
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