Our law firm is filing potential claims on behalf of shareholders of SCANA Corporation (NYSE: SCG), now part of Dominion Energy, Inc (NYSE:D), stemming from a recent settlement of a shareholder lawsuit against the company.
Did you purchase SCANA Corporation (NYSE: SCG) stock between 10/27/2015-12/20/2017? If so, you may be entitled to compensation,
Call 1-800-934-2921 or complete the form on this page for a free consultation.
After failing its V.C. summer nuclear project, American based power and energy company Dominion Energy has agreed to pay upwards of $192.5 million in reparations to its shareholders and investors. The legal settlement is considered to be the largest of its kind to come out of the state of South Carolina after more than a year of dispute. The project was began at the high profile V.C. Station in Fairfield County, after SCANA corp. and Santee Cooper decided to finish two nuclear reactors, which set them back nearly $9 billion. SCANA was acquired by Dominion Energy, Inc (NYSE:D) in 2019.
Shareholders decided to hold SCANA and its corporate suite of fraud and misleading investors by giving false information over the health and development of the project before abandoning it in July of 2017. Attorneys representing SCANA’s investors placed particular emphasis on one of the nation’s largest construction and engineering firms Bechtel Corp., which provided the nuclear construction audit for the project. After being hired by SCANA and Santee Cooper in 2015, Bechtel released a report claiming that the project would not be able to meet certain deadlines, and therefore fall short of its plan to cash in on nearly $2 billion worth of federal tax credits. Other problems that plagued the failed project were a collection of difficulties in terms of the actual nuclear construction effort, specifically poorly formed blueprints, discombobulated warehouses, and a lack of oversight from both SCADA and Santee Cooper, the two parent companies entrusted with completing it on time.
Santee Cooper was forced to turn over the poor performance report from Bechtel once the project finally met its end, and an onslaught of lawsuits followed. Neither the public, nor shareholders of SCANA, had ever seen or even heard of the document prior to this realization. The political backlash of this debacle lead Dominion Corp. to buyout SCANA corp. back in 2018.
Now, Dominion is facing the crowd of former SCANA investors $160 million in cash payouts, and decided to add to the payment over $30 million in Dominion stock. Dominion officials did not have to admit to fraud or false pretenses of their former buyout as part of the settlement. Additionally, the settlement will not play a role in any potential criminal liability when investigating the failed nuclear plant itself.
Dominion representatives said the company was pleased with the outcome, and that none of their clients should expect an increase in their monthly bills.
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Settlement of SCANA Corporation (NYSE: SCG) (now part of Dominion Energy, Inc (NYSE:D)) Shareholder Lawsuit
SCANA Corporation (NYSE: SCG) (now part of Dominion Energy, Inc (NYSE:D)) investors may be able to collect significant financial compensation for their losses. The recent settlement with the company has set aside potentially hundreds of millions of dollars for compensating shareholders.
Buy shares of SCG? SCANA Corporation (NYSE: SCG) Shareholder Lawsuit Settlement. Contact us to protect your rights.
Did you purchase SCANA Corporation (NYSE: SCG) (now part of Dominion Energy, Inc (NYSE:D)) stock between 10/27/2015 and 12/20/2017?, complete the form on this page or call 1-800-934-2921 right now to protect your rights.