WASHINGTON, D.C. (September 11, 2017) – U.S. Market Advisors Law Group PLLC is investigating claims on behalf of investors of SCANA Corporation (“SCANA” or the “Company”) (NYSE:SCG). SCANA investors are encouraged to obtain additional information and assist the investigation by visiting the firm’s website: www.usmarketlaw.com/scana/.
The investigation concerns whether SCANA and certain of its officers and directors have violated federal securities laws or other unlawful business practices.
SCANA is an energy-based holding company that delivers power and fuel to customers in the Carolinas and Georgia. In 2008, SCANA’s primary subsidiary, South Carolina Electric & Gas Company (“SCE&G”), and the South Carolina Public Service Authority (“Santee Cooper”) announced plans to construct two nuclear reactors in South Carolina. The nuclear project has been paid for in large part by repeated utility customer rate hikes, granted under the requirement that construction costs were prudent.
On July 31, 2017, after nine years of purported progress, SCANA’s SCE&G and Santee Cooper announced that they would halt construction of the nuclear project, citing rising construction costs.
On September 4, 2017, South Carolina Governor Henry McMaster’s office released an audit report that had been kept secret by the utility companies for approximately 18 months. The report, independently prepared by contractor Bechtel Corporation, warned of serious problems that put the nuclear project at risk. The analysis cited, among other things, flawed construction plans, faulty engineering designs, and high turnover. The following day, South Carolina lawmakers reacted to the report by urging state regulators to block SCE&G from charging its customers any more for the nuclear project.
SCANA’s stock price closed at $59.95 per share on September 5, 2017, marking a decline of $16.17 per share, or 21.2%, from its closing price high of $76.12 per share on July 6, 2016.
If you are aware of any facts relating to this investigation, or purchased shares of SCANA, you can assist this investigation by visiting the firm’s website: www.usmarketlaw.com/scana/. You can also contact attorney David P. Abel of U.S. Market Advisors Law Group PLLC: 202-274-0237.
U.S. Market Advisors Law Group PLLC is a national law firm based in the District of Columbia. The firm represents investors in antitrust, securities, and shareholder litigation. To learn more, visit usmarketlaw.com.
U.S. Market Advisors Law Group PLLC
David P. Abel | Licensed in DC, SC