SAN FRANCISCO, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in SCANA Corporation (NYSE: SCG) to the securities class action pending in the U.S. District Court for the District of South Carolina and to the November 27, 2017 Lead Plaintiff deadline. If you purchased or otherwise acquired securities of SCANA between January 19, 2016 and September 22, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The Complaint alleges Defendants artificially drove up SCANA’s share price by issuing false and misleading statements to investors and omitting material information about the progress, cost, and completion schedule of the multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station.
Unknown to investors, a secret February 5, 2016 report prepared by Bechtel Power Corporation for SCANA’s South Carolina Electric & Gas (“SCEG”) subsidiary suggests SCANA knew of serious problems with the nuclear project long before SCEG walked away from it in July 2017.
On September 21, 2017, The Wall Street Journal reported the U.S. attorney’s office in South Carolina served a subpoena on SCANA seeking documents related to the cancelled project, whose estimated costs reportedly spiraled to $25 billion or double the project estimate delivered in 2008.
In response, the price of SCANA shares fell $1.96, or approximately 3.4%, to close at $55.22 on September 22, 2017. Since then, the share price has continued to fall.
The South Carolina Attorney General’s Office and others have requested the South Carolina Law Enforcement Division to conduct a criminal investigation into SCANA’s handling of the nuclear project.
“We’re focused on Bechtel’s identification of serious problems with the project, including unrealistic timelines, a lack of project management and an issued design that is often ‘not constructible,’” said Hagens Berman partner Reed Kathrein. “Considering the size of the Company’s nuclear project, reasonable investors would likely consider disclosures of these problems important to their investment decisions.”
Whistleblowers: Persons with non-public information regarding SCANA should consider their options to help in the investigation or take advantage of the SEC Whistleblower Program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SCG@hbsslaw.com.
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Reed Kathrein, 510-725-3000