NEW YORK, Sept. 29, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against SCANA Corporation ("SCANA" or the "Company") (NYSE SCG) securities and certain of its officers, on behalf of a class who purchased SCANA shares between January 19, 2016, and September 22, 2017, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/scg.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding the construction of the Nuclear Project, assuring investors that costs spending was prudent and substantial progress was being made, even when cost overruns and other delays began to materialize. As a result of defendants' false statements and/or omissions, SCANA's common stock traded at artificially inflated prices during the Class Period.
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, citing rising construction costs.
Then on August 11, 2017, The Post and Courier of Charleston reported that Kevin Marsh, SCANA's Chairman and Chief Executive Officer, 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. Following this news, S's share price fell $1.32, or 2.13%, to close at $60.69 on August 11, 2017.
That same day, after the close of trading, The Post and Courier reported that a class action had been filed against SCE&G on behalf of South Carolina ratepayers, alleging that SCE&G had overcharged its customers for electricity for nearly 10 years by raising their rates to pay in advance for the construction of the company's subsequently abandoned nuclear plants.
Then on August 29, 2017, The Post and Courier reported that a second class action had been filed on behalf of SCE&G customers, accusing SCE&G and SCANA of fraud and negligence in the years preceding the decision to abandon construction of the company's nuclear power plants.
Following this news, SCANA's share price fell $0.84, or 1.39%, over the following two trading sessions, to close at $59.75 per share on August 30, 2017.
On September 22, 2017, the SC AG publicly requested that the South Carolina State Law Enforcement Division launch a criminal investigation into the Nuclear Project.
SCANA's stock price has declined $20.90 per share, or 27.5%, to close at $55.22 per share on September 22, 2017, from its closing price high of $76.12 per share on July 6, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/scg or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in SCANA you have until November 27, 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC