SAN DIEGO, CA / ACCESSWIRE / November 1, 2017 / The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who purchased NYSE: SCG shares against SCANA Corporation over alleged Securities Laws Violations in connection with certain allegedly false and misleading statements made

Investors who purchased shares of SCANA Corporation (NYSE: SCG) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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 Corporation's subsidiary South Carolina Electric & Gas Co. ("SCE&G") and Santee Cooper, South Carolina's state-owned electric and water utility, announced that they would abandon construction of two nuclear power plants in South Carolina, citing rising construction costs.

Then, on August 11, 2017, it was reported that Kevin Marsh, Scana's Chairman and Chief Executive Officer, had advised state lawmakers that SCE&G might not resume construction on the nuclear power plants even if a new partner for the project was found. That same day, after the close of trading, it was reported that a class action lawsuit had been filed against SCE&G on behalf of South Carolina ratepayers, alleging that SCE&G had overcharged its customers for electricity for nearly 10 years by raising their rates to pay in advance for the construction of the company's subsequently abandoned nuclear plants.

On August 29, 2017, it was reported that a second class action lawsuit had been filed on behalf of SCE&G customers, accusing SCE&G and SCANA Corporation of fraud and negligence in the years preceding the decision to abandon construction of the company's nuclear power plants.

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.

On September 28, 2017, a securities class action lawsuit was filed against SCANA Corporation over alleged securities laws violations. The plaintiff claims that the defendants made false and misleading statements and/or failed to disclose adverse information regarding the construction of the Nuclear Project, assuring investors that costs spending was prudent and substantial progress was being made, even when cost overruns and other delays began to materialize and that as a result of defendants' false statements and/or omissions, SCANA's common stock traded at artificially inflated prices between January 19, 2016 and September 22, 2017.

On October 31, 2017, SCANA Corporation announced that Kevin Marsh is retiring as chairman and CEO of Scana and SCE&G at the end of the year.

Those who purchased SCANA Corporation (NYSE: SCG) shares should contact the Shareholders Foundation, Inc.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

SOURCE: Shareholders Foundation, Inc.