An investigation on behalf of current long term investors in Southern Co (NYSE:SO) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:SO stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/08/2017 -- Certain directors of Southern Co are under investigation over potential wrongdoing. The investigation was announced for current long-term investors in shares of Southern Co (NYSE:SO) concerning potential breaches of fiduciary duties by certain directors of Southern Co.
Investors who are current long term investors in Southern Co (NYSE:SO) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm for investors in NYSE:SO stocks follows a lawsuit filed against Southern Co over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:SO stocks, concerns whether certain Southern Co directors are liable in connection with the allegations made in that lawsuit.
In 2006, Southern Company announced plans for a "clean coal" plant to be built in Kemper County, Mississippi (the "Kemper Plant") by its subsidiary, Mississippi Power. At the time the project broke ground in 2010, a funding package of almost $1 billion in U.S. Department of Energy grants and Internal Revenue Service tax credits was in place, provided that construction of the plant was completed by May 2014.
According to that complaint filed in the U.S. District Court for the Northern District of Georgia the plaintiff alleges that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 25, 2012 and October 29, 2013 defendants made false and misleading statements and/or failed to disclose adverse information regarding the progress of the Kemper Plant, assuring investors that the project would be completed by the critical May 2014 deadline, even when cost overruns and other delays began to materialize, and that as a result of defendants' false statements and/or omissions, Southern Company common stock traded at artificially inflated prices between April 25, 2012 and October 29, 2013.
On October 30, 2013, Southern Co announced its third quarter 2013 financial results, disclosing an after-tax charge of $93 million "related to increased cost estimates for the construction" of the Kemper Plant.
During an earnings conference call the same day it was disclosed that the in-service date for the Kemper Plant would be delayed until year-end 2014.
Those who purchased shares of Southern Co have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego