SCANA Stock Manipulation
January 19, 2016 — September 22, 2017
TOTAL SETTLEMENT FUND:
SCANA Corporation, Kevin B. Marsh, Stephen A. Byrne, Jimmy E. Addison
Purchasers or those who otherwise acquired the publicly traded securities of SCANA Corporation from January 19, 2016 through September 22, 2017.
Publicly traded securities of SCANA Corporation.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose: (1) lack of oversight and control of the project allowed for repeated cost overruns and project delays; (2) despite assuring investors and giving the appearance of progress, it was impossible for the project to achieve projected milestones; (3) despite stating the contrary, the project would have to be abandoned if Westinghouse became a credit concern; and (4) SCANA faced a substantial risk the South Carolina legislature would penalize the Company and/or change laws (for lack of prudence) to make the Company absorb costs associated with the project, rather than having costs be paid by tax payers. As a result of defendants’ false statements and/or omissions, SCANA common stock traded at artificially inflated prices during the Class Period.
Securities class action on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of SCANA Corporation from January 19, 2016 through September 22, 2017, pursuant to sections 10(b) & 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5.
Press Release – January 19, 2016
“Highlighting a Year of Progress for V.C. Summer Units 2 and 3”
Morgan Stanley – March 22, 2017
“Implications of Potential Westinghouse Bankruptcy Filing”
CleanTech – August 4, 2017
“Scana Corporation Will Abandon Construction Of Two Nuclear Power Plants In South Carolina”
SCANA Corporation is abandoning the construction of two nuclear power plants in the Palmetto State, citing rising costs that would push the total for the two facilities to over $20 billion. The abundance of cheap natural gas from American sources thanks to the wonders of fracking has altered the financial calculus and rendered new nuclear economically nonviable. The announcement leaves the Vogtle power plant in Georgia as the only new nuclear facility currently still under construction in the United States.
Post Courier – August 10, 2017
“CEO: Scana May Not Return To Scuttled Nuclear Project – Even If A New Partner Emerges”
Bloomberg – September, 9, 2017
“Scana Plunges to Lowest in Almost Two Years on Criminal Probe”
The U.S. Attorneys office in South Carolina is carrying out a grand jury probe that involves agents at the Federal Bureau of Investigation, a Sept. 7 subpoena disclosed on Friday by Scanas partner on the nuclear project, Santee Cooper, shows. The government asked for copies of correspondence, notes and reports related to the V.C. Summer nuclear plant, including a study engineering firm Bechtel Corp. drafted last year suggesting Scana was aware of challenges plaguing the project since early last year.
PRNewswire – October 31, 2017
“Scana Corporation and South Carolina Electric & Gas Company Announce Leadership Changes”
The Post and Courier – December 12, 2017
“Retiring Scana Ceo Kevin Marsh Severs His Last Tie To The Utility Owner”
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BRIEF COMPANY PROFILE
Name: SCANA Corporation
Country: United States