According to the Complaint, South Carolina Public Service Authority, a state-owned utility that is also known as Santee Cooper, produces, distributes, and sells electric power within the counties of Berkeley, Calhoun, Charleston, Clarendon, Colleton, Dorchester, Orangeburg, and Sumter, South Carolina.
Each May during the Class Period, 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.” The Complaint alleges the Official Statements were materially false and misleading because, as described in the Complaint, Santee Cooper knew that (1) SCE&G was not providing adequate oversight of the Nuclear Project; (2) Santee Cooper’s own attempts to supervise the Nuclear Project were failing; and (3) 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.
Defendants filed a Motion to Dismiss the Complaint on July 12, 2019. The Court issued an Order denying Defendants' Motion to Dismiss on February 25, 2020.
On August 9, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel.