U.S. Market Advisors Law Group PLLC Announces Filing a Securities Fraud Class Action Against SCANA Corporation (SCG)
WASHINGTON, DC (September 27, 2017)—U.S. Market Advisors Law Group PLLC announces that the law firm and its co-counsel have jointly filed a securities fraud class action lawsuit in the United States District Court for the District of South Carolina against SCANA Corporation (“SCANA” or the “Company”) (NYSE:SCG) and certain of its senior executives. The class action was filed on behalf of investors who purchased or otherwise acquired SCANA common stock between January 18, 2016 and September 22, 2017, inclusive (the “Class Period”).
U.S. Market Advisors Law Group is proud to have commenced this action after an extensive initial investigation.
SCANA is an energy-based holding company whose principal subsidiary, South Carolina Electric & Gas Company (“SCE&G”), is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity primarily in South Carolina.
The Complaint alleges that, throughout the Class Period, defendants artificially drove up the price of SCANA’s stock by issuing false and misleading statements to investors, and omitting material information, concerning the progress, cost, and completion schedule of the multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station (“Nuclear Project”). Rather than disclose to the market that the Nuclear Project was facing serious design, construction, and cost headwinds, defendants doubled down on their strategy of deception and misdirection by issuing SCANA produced promotional videos, press releases, and other public statements that created a fundamentally false and misleading impression to investors that the project was running smoothly within a reasonable budget and on schedule. Defendants also issued false and misleading statements and omitted material information, concerning the financial health of its lead contractor for the project, Westinghouse Electric Company.
As a result of defendants’ wrongful acts and omissions, SCANA shares traded at artificially inflated prices during the Class Period. As the truth of defendants’ fraud came to light, SCANA’s stock price experienced a shocking decline in value causing significant losses and damages to investors.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact attorney David P. Abel at 202-274-0237 or [email protected].
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.
Contact:
U.S. Market Advisors Law Group PLLC
David P. Abel | Licensed in DC, SC
202-274-0237| [email protected]
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