Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Southern Company (NYSE: SO) in connection to alleged violations of securities laws by Southern Company and certain of its officers. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Southern Company common stock between April 25, 2012 and October 29, 2013.
The lawsuit specifically alleges that Southern Company and certain of its officers made false or misleading statements and/or did not disclose adverse information regarding the construction by its subsidiary, Mississippi Power, of a coal power plant in Kemper County, Mississippi. The project broke initial ground in 2010 with the support of federal grants and tax credits contingent on the completion of construction by May 2014. The defendants allegedly assured investors that the plant would be completed by that date, though there were overruns in cost and various other delays in construction. Allegedly, these misrepresentations and/or omissions resulted in an inflated stock price. This price declined substantially when the Company announced third quarter 2013 results, revealing a $93 million after-tax charge “related to increased cost estimates for the construction” and additionally that construction would be delayed until the end of 2014.
According to the company’s website, Southern Company is a family of energy companies providing power to “to 9 million customers every day” via “44,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas use and output.” Per the company’s own description: “Our family of companies is making strides in carbon-free nuclear, 21st century coal, natural gas and renewables across the country. We’re developing the full portfolio of the future of energy as well as new technologies and services to improve our customers’ lives and businesses.”
A class action lawsuit has already been filed in connection with SO. If you wish to serve as lead plaintiff in the Southern Company lawsuit, you must move the Court no later than March 24, 2017. If you wish to join the litigation, please contract Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.