SCANA Corporation (NYSE: SCG)
Hagens Berman updates investors in SCANA Corporation (NYSE: SCG) to October 31, 2017 announcement that the CEO and COO are departing and reminds them that the Lead Plaintiff deadline is November 27, 2017.
If you purchased or otherwise acquired securities of SCG between January 19, 2016 and September 22, 2017 and suffered losses contact SCG@hbsslaw.com.
On October 31, 2017, Charlotte Business Journal published a story entitled “SCANA CEO to step down following V.C. Summer debacle.” In it, the CBJ reported that “[t]he other shoe has fallen as SCANA Corp. CEO Kevin Marsh announced he will retire Jan. 1 in the wake of the failed expansion project at the V.C. Summer Nuclear Station.” The CBJ also reported “SCANA Chief Operating Officer Stephan Byrne, who is also in charge of power generation at the company, will retire as well.”
This news drove the price of the Company’s shares down $2.77, or about 6%, to close at $43.14 on October 31, 2017.
Previously, on October 17, 2017, SCANA announced in its Form 8-K that the SEC subpoenaed documents from the Company and its subsidiaries related to the V.C. Summer Nuclear Station.
Unknown to investors, reportedly a secret February 5, 2016 report prepared by Bechtel Power Corporation for SCANA’s South Carolina Electric & Gas (“SCEG”) subsidiary suggests SCANA knew of serious problems with the nuclear project long before SCEG walked away from it in July 2017.
“We’re focused on Bechtel’s identification of serious problems with the project, including unrealistic timelines, a lack of project management and an issued design that is often ‘not constructible,’” said Hagens Berman partner Reed Kathrein. “Considering the size of the Company’s nuclear project, reasonable investors would likely consider disclosures of these problems important to their investment decisions.”
Whistleblowers: Persons with non-public information regarding SCANA should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SCG@hbsslaw.com.
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