SCANA (SCG) Investor Settlement
SCANA has reached a settlement with $SCG investors to resolve claims that it misled investors about the feasibility and progress of its nuclear expansion project in South Carolina.
Outline:
Between 2016 and 2017, SCANA claimed its V.C. Summer nuclear project was on schedule and set to qualify for $1.4B in federal tax credits. However, the company was aware of construction delays, cost overruns, and timeline risks. In July 2017, SCANA abandoned the project, triggering investigations, a 27% stock drop, and a lawsuit from investors.
Timeline:
February 26, 2016 – SCANA publicly reaffirmed the timeline and cost targets for its nuclear expansion project.
March 22, 2017 – Reports surfaced predicting cost overruns and Westinghouse’s imminent bankruptcy. $SCG dropped 2.3%.
July 27, 2017 – SCANA disclosed massive cost overruns and announced the project would miss tax credit deadlines.
July 28, 2017 — $SCG dropped 6.63%.
August 1, 2017 – News of the project’s cancellation, public backlash, subpoenas, and investigations drove the stock down more than 17%.
November 22, 2019 – Investors filed a lawsuit against SCANA.
May 2025 – SCANA agreed to settle the case with investors.
Background:
Between 2016 and 2017, SCANA publicly stated that its V.C. Summer nuclear expansion was progressing on time and within budget, despite internal assessments showing the opposite. Documents like the Bechtel Report warned that the project was years behind schedule and billions over budget. Yet SCANA continued to make optimistic statements to investors.
At the time, Deloitte & Touche LLP was SCANA’s auditor and signed off on its 2014–2017 financial statements, saying they followed accounting rules. However, Deloitte failed to properly account for the risks and backed financial statements that did not reflect the true condition of the project.
After Westinghouse—the main contractor for the V.C. Summer nuclear project—filed for bankruptcy in March 2017, SCANA continued to assure investors that the project would still be completed.
But in July 2017, the company abruptly canceled the project. Over the next two months, $SCG dropped more than 27% as investigations, subpoenas, and public backlash unfolded.
In November 2019, investors sued SCANA for misleading them about the timeline, cost, and risks of the V.C. Summer nuclear project.
What Can Investors Expect Now?
SCANA has reached a settlement with $SCG investors to resolve claims that it misled the public about the feasibility and progress of its nuclear expansion project in South Carolina.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Frequently Asked Questions
All persons and entities who purchased or otherwise acquired SCANA Corporation publicly traded common stock or bonds during the period from October 27, 2015 through December 20, 2017, inclusive, and were damaged thereby.
No, if you have purchased securities within the class period, you are eligible to participate.
You can participate in the settlement and retain (or sell) your securities.
The entire process usually takes 4 to 9 months after the claim deadline. But the exact timing depends on the court and settlement administration.
If you're eligible, you can file your claim directly from this case page by clicking the "Collect Payout" button.
More than 100 companies are currently paying out settlements. Connect your brokerage account to automatically check which ones you may have missed — or file manually for this case.
11th.com is an investor recovery company that helps investors track and collect securities class action settlements. We will:
1. Prepare documents for your payout.
2. Audit the claim and make sure you get the maximum possible payout.
3. File a claim with the settlement administration.
4. Correspond with the settlement administration to resolve emerging issues.
5. Deliver payout directly to your brokerage account.
There is no upfront cost, but we will deduct 20% of the recovered amount as a commission for our services.