SCANA investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, SCANA is an energy-based holding company whose principal subsidiary, South Carolina Electric & Gas Company, is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity primarily in South Carolina. The complaint alleges that during the Class Period, the defendants artificially drove up the price of SCANA’s stock by issuing false and misleading statements to investors, and omitting material information, concerning the progress, cost, and completion schedule of the multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station (the “Nuclear Project”) in Fairfield County, South Carolina.
The Class Period commences on January 19, 2016, when SCANA issued a press release and video “Highlighting a Year of Progress for V.C. Summer Units 2 and 3.” The press release touted the “achievement” of several “milestones” for “V.C. Summer.”
The complaint alleges that, on February 14, 2017, SCANA issued a quarterly report to the South Carolina Office of Regulatory Staff that included “a revised completion schedule” for the two Nuclear Project reactors “of April 2020 and December 2020” – later than the previous completion dates of August 2019 and August 2020.
Following this news, SCANA’s stock price fell approximately 6.25%, or $4.38 per share, from a closing price of $70.03 on February 13, 2017, to a closing price of $65.65 on February 17, 2017.
Then, on July 31, 2017, SCANA publicly announced that it would abandon construction of the Nuclear Project because of delays and cost overruns. On August 4, 2017, South Carolina Attorney General, Alan Wilson, announced that he was opening an investigation and state Senate leaders called for a special legislative session to investigate SCANA’s abandonment of the Nuclear Project.
Finally, on September 22, 2017, Mr. Wilson requested that the State Law Enforcement Division launch a criminal investigation related to the Nuclear Project.
Following this news, SCANA’s stock price fell approximately 3.43 %, or $1.96 per share, to close at $55.22 per share on September 22, 2017.
If you are a member of the class described above, you may no later than November 27, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
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Radnor, PA 19087
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