The Shareholders Foundation announces that a deadline is coming up on March 24, 2017 in the lawsuit filed for certain investors in NYSE:SO shares over alleged securities laws violations by Southern Co.
Investors who purchased shares of Southern Co (NYSE:SO) have certain options and there are strict and short deadlines running. Deadline: March 24, 2017 NYSE:SO stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
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.
According to the complaint filed in the U.S. District Court for the Northern District of Georgia the plaintiff alleges on behalf of purchasers of Southern Co (NYSE:SO), that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 25, 2012 and October 29, 2013 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, and that as a result of defendants’ false statements and/or omissions, Southern Company common stock traded at artificially inflated prices between April 25, 2012 and October 29, 2013.
On October 30, 2013, Southern Co 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.
During an earnings conference call the same day it was disclosed that the in-service date for the Kemper Plant would be delayed until year-end 2014.
Southern Co reported that its annual Total Revenue declined from over $18.46 billion in 2014 to over $17.44 billion in 2015 and that its Net Income rose from over $2.03 billion in 2014 to over $2.42 billion in 2015.
On March 17, 2017, shares closed at $50.67 per share.
Those who purchased NYSE:SO shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com