Lawsuit for Investors in South Carolina Public Service Authority (Santee Cooper) Mini-Bonds announced by Shareholders Foundation

SAN DIEGO, CA, May 6, 2019 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in South Carolina Public Service Authority (Santee Cooper) Mini-Bonds.

Investors, who purchased South Carolina Public Service Authority (Santee Cooper) Mini-Bonds, have certain options and should contact the Shareholders Foundation at [email protected] 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 South Carolina Public Service Authority (Santee Cooper) Mini-Bonds should contact the Shareholders Foundation, Inc.

CONTACT:

Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.

SOURCE: The Shareholders Foundation, Inc.

Source: Shareholders Foundation, Inc.