West Palm Beach Firefighters’ Pension Fund Files Securities Class Action Against Scana Corp.
Last Updated on May 8, 2018
West Palm Beach Firefighters’ Pension Fund v. Scana Corporation et al.
Filed: November 17, 2017 ◆§ 3:17-cv-03141-MBS
A lawsuit seeks answers after Scana Corp.'s stock prices plummeted on multiple occasions as a result of the company's failed dual nuclear reactor project.
A proposed class action lawsuit has been filed on behalf of any one who bought defendant Scana Corporation’s publically traded securities between January 19, 2016 and October 30, 2017. Filed in South Carolina, the 23-page complaint claims the electric/natural gas company misled shareholders by representing that its defunct dual nuclear reactor project was progressing well when, in truth, the reactors themselves were not constructible due to a host of fundamental failings kept secret from investors. From the lawsuit:
“Investors learned the true scope of the problems that Scana faced constructing the reactors through a series of disclosures beginning on February 14, 2017. On that day, the parent company of [chief contractor] Westinghouse, Toshiba, announced a $6.3 billion write-down related to its nuclear program and reported that it may sell Westinghouse, calling into question the continued viability of the V.C. Summer project. On this news, the price of Scana stock declined from $70.03 per share on February 13 to $66.86 per share on February 14, or almost five percent.”
Following this stock drop, South Carolina Governor Henry McMaster released a 2015 report from consultant group Bechtel Corporation detailing the myriad issues facing the reactor project. In September 2017, news broke that the U.S. Attorney’s Office in South Carolina, along with the FBI, had launched a criminal investigation into Scana’s public statements about its ability to construct the reactors. Upon this news, Scana’s stock prices sank once again, from $57.80 per share on September 20 to $55.22 per share two days later.
More bad news came for Scana investors more than a month later, the lawsuit continues. Scana’s CEO and executive vice president had been fired by the company’s board of directors, the lawsuit notes, prompting Scana stock prices to fall even further.
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