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Case Status:    ONGOING    
On or around 09/11/2017 (Ongoing date of last review)

Filing Date: January 20, 2017

According to the law firm press release, Southern Company is a utility holding company based in Atlanta, Georgia. Southern Company's operating subsidiaries include public utility companies located throughout the Southeastern United States, including Mississippi Power, Georgia Power, Alabama Power, Southern Power and Gulf Power.

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.

The complaint alleges that during the Class Period, 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. As a result of defendants' false statements and/or omissions, Southern Company common stock traded at artificially inflated prices during the Class Period.

Then on October 30, 2013, the Company 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. In addition, defendants disclosed in an earnings conference call the same day that the in-service date for the Kemper Plant would be delayed until year-end 2014. As a result of these revelations, the price of Southern Company common stock declined significantly.

On April 11, 2017, the Court appointed Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated complaint on June 12.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SO
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Georgia
DOCKET #: 17-CV-00241
JUDGE: Hon. Mark H. Cohen
DATE FILED: 01/20/2017
CLASS PERIOD START: 04/25/2012
CLASS PERIOD END: 10/29/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Atlanta)
    3424 Peachtree Road, NE, Suite 1650, Robbins Geller Rudman & Dowd LLP (Atlanta), GA 30326
    404.504.6500 404.504.6501 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: N.D. Georgia
DOCKET #: 17-CV-00241
JUDGE: Hon. Mark H. Cohen
DATE FILED: 06/12/2017
CLASS PERIOD START: 04/25/2012
CLASS PERIOD END: 10/30/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Atlanta)
    3424 Peachtree Road, NE, Suite 1650, Robbins Geller Rudman & Dowd LLP (Atlanta), GA 30326
    404.504.6500 404.504.6501 ·
  2. Sullivan, Ward, Asher & Patton, P.C.
    25800 Northwestern Highway, 1000 Maccabees Center, Sullivan, Ward, Asher & Patton, P.C., MI 48075-1000
    248.746.0700 248.746.0700 ·
No Document Title Filing Date