NEW YORK, Feb. 17, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in The Southern Company ("Southern" or the "Company") (NYSE: SO) of the March 24, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of all those who purchased Southern common stock between April 25, 2012 and October 29, 2013 (the "Class Period"). The case, Monroe County Employees' Retirement System v. The Southern Company et al., No. 1:17-cv-00241 was filed on January 20, 2017, and has been assigned to Judge Mark H. Cohen.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and misleading statements and/or failing to disclose adverse information regarding the progress of the Company's "clean coal" plant to be built in Kemper County, Mississippi (the "Kemper Plant") by its subsidiary, Mississippi Power.
Specifically, the lawsuit alleges that in 2006, Southern announced plans for the Kemper Plant. When the project began in 2010, a funding package of almost $1 billion in U.S. Department of Energy grants and Internal Revenue Service tax credits were in place, provided that construction of the plant was completed by May 2014. Southern assured investors that the project would be completed by May 2014 and the project cost would not exceed the $2.88 billion cost cap set by state regulators.
During the Class Period, cost overruns and other delays began to emerge. However, the Company continuously assured investors that the project would be completed by the May 2014 deadline. Then, in October 2013, the Company disclosed that the Kemper Plant would not be completed by the May 2014 deadline. As a result, the price of Southern common stock declined significantly, causing damage to investors.
Request more information now by clicking here: www.faruqilaw.com/SO . There is no cost or obligation to you.
If you invested in Southern common stock or options between April 25, 2012 and October 29, 2013and would like to discuss your legal rights, visit www.faruqilaw.com/SO. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Southern's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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Telephone: (877) 247-4292 or (212) 983-9330
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