SCANA Corporation (NYSE: SCG) Investor Securities Class Action Lawsuit 09/27/2017

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Company Name(s): 
SCANA
Case Name: 
SCANA Shareholder Class Action Lawsuit 09/27/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: SCG
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/27/2017
Class Period Begin: 
10/27/2015
Class Period End: 
12/20/2017
Court of Filing: 
U.S. District Court for the District of South Carolina
Deadline To File for Lead: 
11/27/2017
Date Settled: 
02/11/2020
Settlement Amount: 
$192,500,000
Deadline to Participate in Settlement: 
07/25/2020
Summary: 

February 11, 2020 - The court preliminarily approved the settlement.

January 7, 2020 - Parties filed a stipulation of settlement.

March 29, 2019 - The Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

June 4, 2018 - The defendants filed a Motion to Dismiss the consolidated Complaint.

March 30, 2018 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased SCANA Corporation (NYSE: SCG) common shares between October 27, 2015 and December 20, 2017. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 27, 2015 and December 20, 2017.

January 23, 2018 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

November 27, 2017 - Lead plaintiff motions were filed.

September 27, 2017 - An investor in shares of SCANA Corporation (NYSE: SCG) filed a lawsuit in the U.S. District Court for the District of South Carolina over alleged violations of Federal Securities Laws by SCANA Corporation in connection with certain allegedly false and misleading statements made between January 19, 2016 and September 22, 2017.

SCANA Corporation is a $7.3 billion energy-based holding company headquartered in Cayce, S.C. SCANA Corporation is principally engaged, through its subsidiaries, in regulated electric and natural gas utility operations in South Carolina, North Carolina and Georgia.

Over the past decade, SCANA Corporation has spent more than $9 billion on a project to build two nuclear reactors at the V.C. Summer Nuclear Station in South Carolina (the "Nuclear Project"). Despite this massive expenditure – financed by public investors as well as by raising customers' electrical rates nine times – SCANA Corporation recently announced that it would abandon the Nuclear Project. Evidence then came to light that, for at least the prior 18 months, SCANA Corporation appeared to know of severe problems plaguing the Nuclear Project.

According to the complaint the plaintiff alleges on behalf of purchasers of SCANA Corporation (NYSE: SCG) common shares between January 19, 2016 and September 22, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between January 19, 2016 and September 22, 2017, the 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 and that as a result of defendants' false statements and/or omissions, SCANA Corporation's common stock traded at artificially inflated prices between January 19, 2016 and September 22, 2017.

On July 31, 2017, SCANA Corporation'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, it was reported that Kevin Marsh, SCANA Corporation'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. That same day, after the close of trading, it was reported that a class action lawsuit 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.

On August 29, 2017,it was reported that a second class action lawsuit had been filed on behalf of SCE&G customers, accusing SCE&G and SCANA Corporation of fraud and negligence in the years preceding the decision to abandon construction of the company's nuclear power plants.

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.