South Carolina Public Service Authority Mini-Bonds Investor Securities Class Action Lawsuit 04/15/2019

If you purchased South Carolina Public Service Authority (Santee Cooper) Mini-Bonds between May 1, 2014 and July 31, 2017, you have certain options and for certain investors are short and strict deadlines running. Deadline: June 14, 2019. South Carolina Public Service Authority Mini-Bonds investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
South Carolina Public Service Authority
Case Name: 
South Carolina Public Service Authority Class Action Lawsuit 04/15/2019
Case Status: 
Lawsuit Filed
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/15/2019
Court of Filing: 
U.S. District Court for the District of South Carolina
Deadline To File for Lead: 
06/14/2019
Summary: 

An investor, who purchased South Carolina Public Service Authority Mini-Bonds , filed a lawsuit in the U.S. District Court for the District of South Carolina over alleged violations of Federal Securities Laws by Santee Cooper in connection with certain allegedly false and misleading statements between May 1, 2014 and July 31, 2017.

Each May South Carolina state-owned utility Santee Cooper issued Mini-Bonds. The Mini Bonds were “sold directly by the South Carolina Public Service Authority (the “Authority”) only to residents of the State of South Carolina (the “State”), customers of the Authority, members of electric cooperatives organized and existing under the laws of the State, and electric customers of the Bamberg Board of Public Works, South Carolina and the City of Georgetown, South Carolina.” The Mini-Bonds were sold pursuant to “Official Statements.”

In May 2008, SCANA Corporation and Santee Cooper reached agreement as joint owners to build two new 1,117-megawatt AP1000 nuclear reactors at the V.C. Summer site. Then, in July 2017 Santee Cooper abandoned its V.C. Summer nuclear power plant project.

According to the complaint the plaintiff alleges on behalf of purchasers of South Carolina Public Service Authority Mini-Bonds ), that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that the Official Statements were materially false and misleading because, as described in the Complaint, Santee Cooper knew that SCANA’s primary subsidiary, South Carolina Electric & Gas was not providing adequate oversight of the Nuclear Project, that Santee Cooper’s own attempts to supervise the Nuclear Project were failing, and that the Nuclear Project was already hopelessly behind schedule and unlikely to be completed, if at all, prior to the deadlines to earn financially necessary tax credits under the Energy Policy Act.