A lawsuit was filed on behalf of investors in South Carolina Public Service Authority Mini-Bonds over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 05/14/2019 -- An investor, who purchased South Carolina Public Service Authority Mini-Bonds, filed a lawsuit in over alleged violations of Federal Securities Laws by Santee Cooper in connection with certain allegedly false and misleading statements between May 1, 2014 and July 31, 2017.
Investors who purchased South Carolina Public Service Authority (Santee Cooper) Mini-Bonds between May 1, 2014 and July 31, 2017 have certain options and for certain investors are short and strict deadlines running. Deadline: June 14, 2019. South Carolina Public Service Authority Mini-Bonds investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Each May South Carolina state-owned utility Santee Cooper issued Mini-Bonds. The Mini Bonds were "sold directly by the South Carolina Public Service Authority (the "Authority") only to residents of the State of South Carolina (the "State"), customers of the Authority, members of electric cooperatives organized and existing under the laws of the State, and electric customers of the Bamberg Board of Public Works, South Carolina and the City of Georgetown, South Carolina." The Mini-Bonds were sold pursuant to "Official Statements."
In May 2008, SCANA Corporation and Santee Cooper reached agreement as joint owners to build two new 1,117-megawatt AP1000 nuclear reactors at the V.C. Summer site. Then, in July 2017 Santee Cooper abandoned its V.C. Summer nuclear power plant project.
The plaintiff claims that the Official Statements were materially false and misleading because, as described in the Complaint, Santee Cooper knew that SCANA's primary subsidiary, South Carolina Electric & Gas was not providing adequate oversight of the Nuclear Project, that Santee Cooper's own attempts to supervise the Nuclear Project were failing, and that the Nuclear Project was already hopelessly behind schedule and unlikely to be completed, if at all, prior to the deadlines to earn financially necessary tax credits under the Energy Policy Act.
Those who purchased shares of South Carolina Public Service Authority Mini-Bonds) have certain options and should contact the Shareholders Foundation.
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