SCANA Corporation Faces Another Lawsuit Over Abandoned Nuclear Plant Project

New to ClassAction.org? Read our Newswire Disclaimer

SCANA Corporation and three top executives are facing another proposed class action after the parties suddenly abandoned a years-long nuclear plant construction project in South Carolina. According to the suit, the defendants failed to inform stockholders that the project was years behind schedule, costs had significantly exceeded the budget, and the lead contractor was facing bankruptcy. Despite these obstacles, the suit says, the defendants continuously assured investors that the project was “moving forward as planned.”

On July 31, 2017, SCANA’s subsidiary reportedly announced that construction of the nuclear plant was being abandoned. Upon this news and reports that were published in the following days revealing the project’s extensive issues, SCANA stock prices began to fall.

Finally, on September 22, 2017, the South Carolina Attorney General requested that the State Law Enforcement Division conduct a criminal investigation into the abandoned project, resulting in further stock price decline. The plaintiff in the case claims SCANA stockholders were unfairly injured by the defendants’ false statements and their failure to disclose the truth that was eventually revealed.