Defendant Name:
SCANA Corporation
Defendant Type:
Subsidiary of Public Company
Document Reference:
LR-24751
Document Details
Legal Case Name
SEC v. SCANA Corporation, Dominion Energy South Carolina, Inc. (f/k/a South Carolina Electric & Gas Company), Kevin B. Marsh, and Stephen A. Byrne
Document Name
Litigation Release
Document Date
27-Feb-2020
Document Format
Civil Proceeding
Case Number
20-cv-00882
Federal District Court
South Carolina, District of South Carolina
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The SEC stated that: "[It] charged SCANA Corp., two of its former top
executives, and South Carolina Electric & Gas Co. (SCE&G), now known as Dominion
Energy South Carolina Inc., with defrauding investors by making false and misleading
statements about a nuclear power plant expansion that was ultimately abandoned."
Related Documents:
Complaint
The SEC stated: "This case arises out of a historic securities fraud perpetrated by senior executives at SCANA Corporation and its subsidiary South Carolina Electric & Gas Company (“SCE&G”) (jointly referred to as “SCANA”). SCANA and its senior executives repeatedly deceived investors, regulators, and the public over several years about the status of a $10 billion nuclear energy project. When the truth was revealed, it resulted in hundreds of millions of dollars in losses to SCANA’s investors and to South Carolinians."
2020-44
27-Feb-2020
Press Release--Civil Action
SEC Charges South Carolina Energy Companies, Former Executives With Defrauding Investors
The SEC stated that: "[It] charged SCANA Corp., two
of its former top executives, and South Carolina Electric & Gas Co. (SCE&G), now known as Dominion Energy
South Carolina Inc., with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned."
2020-301
02-Dec-2020
Press Release--Civil Action
Energy Companies Agree to Settle Fraud Charges Stemming From Failed Nuclear Power Plant Expansion
The SEC announced that: "SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC's lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned. The proposed settlement, which remains subject to court approval, would require SCANA to pay a $25 million penalty, and SCANA and SCE&G to pay $112.5 million in disgorgement plus prejudgment interest."
Litigation Release
The SEC announced that: "SCANA Corp. and its subsidiary South Carolina Electric & Gas Co. (SCE&G) have agreed to settle the SEC's lawsuit charging them with defrauding investors by making false and misleading statements about a nuclear power plant expansion that was ultimately abandoned. The proposed settlement, which remains subject to court approval, would require SCANA to pay a $25 million civil penalty, and SCANA and SCE&G to pay $112.5 million in disgorgement plus prejudgment interest."
Order and Final Judgment as to Defendants SCANA Corporation and Dominion Energy South Carolina, Inc.
On December 3, 2020, the Court issued a final judgment as to SCANA Corporation stating that defendant "consented to the Court’s
jurisdiction over Defendants and the subject matter of this action; consented to entry of this
Final Judgment without admitting or denying the allegations of the Complaint (except as to
jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal
from this Final Judgment"
Other Defendants in Action:
