Scana Corporation (NYSE: SCG)
According to the law firm press release, SCANA is a $7.3 billion energy-based holding company headquartered in Cayce, S.C. 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 the prior 18 months, SCANA appeared to know of severe problems plaguing the Nuclear Project.