NEW YORK, Oct. 17, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in SCANA Corporation (“SCANA” or the “Company”) (NYSE: SCG ) of the November 27, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in SCANA common stock or options between January 19, 2016 and September 22, 2017, and would like to discuss your legal rights, click here : www.faruqilaw.com/SCG . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of South Carolina on behalf of all those who purchased SCANA common stock between January 19, 2016 and September 22, 2017 (the “Class Period”). The case, Norman v. SCANA Corporation, et al., No. 3:17-cv-02616 was filed on September 27, 2017, and has been assigned to Judge Margaret B. Seymour.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or omitting material information, concerning the progress, cost, and completion schedule of the multi-billion dollar nuclear construction project at V.C. Summer Nuclear Station (the “Nuclear Project”).
Specifically, the lawsuit alleges, in part, that on July 31, 2017, SCANA announced that it would abandon construction of the Nuclear Project because of cost overruns and delays. Then on August 4, 2017, the South Carolina Attorney General (“SC AG”) announced the opening of an investigation into SCANA's abandonment of the Nuclear Project. Then on August 10, 2017, The Post and Courier published an article reporting on SCANA’s Chief Executive Officer, Kevin Marsh’s comments stating, “he wasn’t sure he would want to take the project back up after it fell years behind schedule and its costs soared billions of dollars over budget.” Then on September 22, 2017, the SC AG requested that the State Law Enforcement Division launch a criminal investigation into the Nuclear Project.
As a result of these disclosures, SCANA’s share price has declined significantly, causing harm to investors.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding SCANA’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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