Levi & Korsinsky notifies shareholders of the commencement of a class action lawsuit in the USDC for the Northern District of Georgia on behalf of shareholders of The Southern Company (NYSE: SO) who purchased shares between April 25, 2012 and October 29, 2013.
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 Company’s 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.
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 The Southern Company common stock declined significantly.
If you suffered a loss in The Southern Company you have until March 24, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
To receive more information, please fill out the form.