Federman & Sherwood Announces the Filing of a Securities Class Action Lawsuit against SCANA Corporation

Oklahoma City, OK (September 29, 2017) – On September 27, 2017, a securities class action lawsuit was filed in the United States District Court for the District of South Carolina against SCANA Corporation (NYSE: SCG). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is January 19, 2016 through September 22, 2017. More specifically, this litigation was filed because the Company issued a report on February 14, 2017 to the South Carolina Office of Regulatory Staff that included “a revised completion schedule” for the Nuclear Project.

Over the past decade, SCANA has spent more than $9 billion on a project to build two nuclear reactors at the V.C. Summer Nuclear Station in South Carolina (the “Nuclear Project”). Despite this massive expenditure – financed by public investors as well as by raising customers’ electrical rates nine times – SCANA recently announced that it would abandon the Nuclear Project. Evidence then came to light that, for at least the prior 18 months, SCANA appeared to know of severe problems plaguing the Nuclear Project.

On July 31, 2017, SCANA announced that it would abandon construction of the Nuclear Project because of cost overruns and delays. 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. On the same day, South Carolina state senators called for a special legislative session to investigate SCANA. On September 22, 2017, the SC AG publicly requested that the South Carolina State Law Enforcement Division launch a criminal investigation into the Nuclear Project.

As a result of this news and other disclosures, SCANA’s stock price has declined $20.90 per share, or 27.5%, to close at $55.22 per share on September 22, 2017.

Plaintiff seeks to recover damages on behalf of all SCANA Corporation shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, September 27, 2017 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

To join this class action, click here to obtain an investor certification. Once complete, please email this form to rkh@federmanlaw.com, fax to us at (405) 239-2112 or send by regular mail to Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK 73120, ATTN: Robin.