MT. PLEASANT, S.C.,
Sept. 25, 2017 /PRNewswire/
-- Motley Rice LLC, one of the nation's largest plaintiffs'
law firms and headquartered in Mount
Pleasant, S.C., is reviewing claims of potential losses
sustained by shareholders in connection with SCANA Corporation's
failed multi-billion dollar nuclear project in Fairfield County, S.C. Investors who held
stock in the company between January
2016 and the present and have suffered losses may have a
potential claim.
SCANA (NYSE: SCG) is a South
Carolina-based energy company that provides electricity,
natural gas, and related services to consumers in South Carolina, North Carolina and Georgia.
Since 2008, through its primary subsidiary South Carolina
Electric & Gas (SCE&G), SCANA has reportedly spent more
than $10 billion on plans to
construct two nuclear reactors in South
Carolina. This investment was funded by consumer rate hikes
and investor dollars. While the company and its executives
repeatedly claimed that the project was making substantial
progress, it was allegedly experiencing crippling delays, cost
overruns and mismanagement that culminated in SCANA's recent
announcement that it would abandon the project.
Motley Rice is reviewing allegations that SCANA hid the
project's troubles from shareholders and regulators, wasting
billions of consumer and investor dollars. In February 2017, the nuclear project's alleged
problems increased when Westinghouse Electric Company, the primary
contractor on the project, filed for bankruptcy. The total cost of
the project has reportedly doubled to $21
billion with completion still years away. In July 2017, SCANA announced that it would abandon
the project. In August 2017, news
reports stated that SCE&G may not resume construction of the
nuclear reactors even if a new partner was located.
News of SCANA's alleged misrepresentation of the project and
reported failures have caused the company's stock prices to decline
steadily as the extent of the problems has been revealed. The U.S.
Attorney's Office recently served SCANA with a subpoena in
connection with a criminal grand jury investigation.
If you purchased common stock of SCANA Corp. between
January 2016 and the present you may
have a claim. Motley Rice securities attorney William S. Norton has
represented investors in numerous shareholder fraud suits and may
be reached 1-800-768-4026 or by email.
About Motley Rice LLC
Motley Rice is one of the
nation's largest plaintiffs' litigation firms. With a tradition of
representing those whose rights have been violated, Motley Rice
attorneys gained recognition for their pioneering asbestos
lawsuits, their work with the State Attorneys General in the
landmark litigation against Big Tobacco, and their representation
of 9/11 families in the ongoing lawsuit against terrorist
financiers. The firm continues to handle complex litigation in
numerous areas, including securities fraud; antitrust; consumer
protection; mesothelioma; environmental contamination; prescription
and over-the-counter drugs; other medical devices; human rights;
aviation disasters; and wrongful death. Motley Rice is
headquartered in Mt. Pleasant,
S.C., and has additional offices in Connecticut; Louisiana; Washington, D.C.; New York; Missouri; Rhode
Island; and West Virginia.
For more information, contact Motley Rice attorney William S.
Norton (MA, NY, SC) at 1.800.768.4026 or visit www.motleyrice.com.
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SOURCE Motley Rice LLC