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SCANA Corporation

A class action lawsuit has been filed in the United States District Court for the District of South Carolina against SCANA Corporation ("SCANA" or the "Company") (NYSE: SCG) on behalf of investors who purchased or otherwise acquired SCANA securities during the period from January 19, 2016 through September 22, 2017 (the "Class Period"). The lawsuit seeks to recover damages under the federal securities laws.

SCANA Corporation is an energy-based holding company.

The lawsuit alleges that throughout the class period Defendants failed to disclose that: (1) the Company's construction project at V.C. Summer Nuclear Station was facing serious design, construction, and cost headwinds; and (2) the Company had concerns regarding whether its lead contractor for the project, Westinghouse Electric Company, was financially viable and able to continue the project.

On February 14, 2017, Toshiba (Westinghouse's parent) announced that it would take a $6.3 billion write-down related to SCANA's Nuclear Project. Toshiba's chairman resigned due to the massive writedown. Also, on February 14, SCANA issued a revised completion schedule for the two Nuclear Project reactors that were materially later than the previously-announced dates. On this news, SCANA's stock price fell approximately from $70.03 to $65.65 per share.

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 the two nuclear power plants in South Carolina. Multiple class actions have been filed against SCE&G alleging that the subsidiary overcharged its customers by raising their rates to pay in advance for the construction of the company's subsequently abandoned nuclear plants. On August 4, 2017, South Carolina's AG announced an investigation into SCANA's abandonment of the Nuclear Project. In response to these announcements, SCANA's stock price fell from $67.15 to $63.79 per share. Then, on September 22, 2017, the AG requested that the State Law Enforcement Division launch a criminal investigation related to the Nuclear Project. On this news, SCANA's stock price fell from $57.18 to $55.22 per share.

If you acquired SCANA securities during the Class Period, you may, no later than November 27, 2017, request the court to appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.

If you are a current or former SCANA shareholder and wish to obtain additional information, please fill out the contact form at the link below.


Investigation Contact Form

SCANA Corporation



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