Haeggquist & Eck Investigates Breach of Fiduciary Duties by SCANA’s Officers and Directors Regarding Abandonment of Its Nuclear Project.
San Diego – (Businesswire): Haeggquist & Eck, LLP, a leading shareholder rights litigation firm, is investigating whether certain directors and officers of SCANA Corporation (“SCANA” or the “Company”) (NYSE: SCG) breached their fiduciary duties to the Company and its shareholders.
SCANA is a $7.3 billion energy-based holding company headquartered in Cayce, South Carolina. SCANA is principally engaged, through its subsidiaries, in regulated electric and natural gas utility operations in South Carolina, North Carolina, and Georgia.
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 18 months prior, SCANA appeared to have known of severe problems plaguing the Nuclear Project.
On July 31, 2017, SCANA announced that it would abandon the construction of the Nuclear Project because of cost overruns and delays. On August 4, 2017, the South Carolina Attorney General (“SC AG”) announced the opening of an investigation into SCANA’s abandonment of the Nuclear Project. On the same day, South Carolina state senators called for a special legislative session to investigate SCANA. 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.
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