NEW YORK, Nov. 20, 2017 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it filed a securities class action lawsuit on behalf of its client West Palm Beach Firefighters' Pension Fund against SCANA Corporation ("Scana" or the "Company") (NYSE: SCG), and certain of the Company's current and former senior executives (collectively, "Defendants"). The action, which is captioned West Palm Beach Firefighters' Pension Fund v. SCANA Corporation, No. 3:17-cv-03141-MBS (D.S.C.), asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule 10b-5 promulgated thereunder, 17 C.F.R. § 240.10b-5, on behalf of investors who purchased Scana's publicly traded securities from January 19, 2016 to October 30, 2017, inclusive (the "Class Period").
This case is substantially related to Norman v. SCANA Corporation, No. 3:17-cv-02616-MBS (D. S.C.) ("Norman"), the first-filed securities class action in this matter, which is presently pending before the Honorable Margaret B. Seymour. Pursuant to the notice published on September 28, 2017 in connection with the filing of the Norman action pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as Lead Plaintiff are required to file a motion for appointment as Lead Plaintiff by no later than November 27, 2017.
The Complaint alleges that during the Class Period, Defendants falsely stated that the construction of two nuclear reactors at the Company's Virgil C. Summer generating station was progressing well. The Complaint further alleges that Scana misrepresented that it was acting prudently when working on the nuclear project, and was therefore able to generate significant revenues to offset its costs by increasing customer rates. In truth, Defendants knew that the V.C. Summer project suffered from a host of fundamental issues that were far more serious than disclosed to investors, and that Scana was not acting prudently when managing product.
Scana's misrepresentations regarding these facts have resulted in criminal investigations by the U.S. Attorney's Office in South Carolina and the FBI, culminating in former CEO Kevin Marsh's and Executive Vice President Stephen Byrne's resignations. The news of the resignations caused the price of Scana stock to decline from $46.50 per share on October 27, 2017 to $43.14 per share on October 31, 2017, or approximately 7%.
West Palm Beach Firefighters' Pension Fund is represented by BLB&G, a firm of over 100 attorneys with offices in New York, California, Louisiana, and Illinois. If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at [email protected].
Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.
SOURCE Bernstein Litowitz Berger & Grossmann LLP