Dominion Energy Statement Regarding Securities and Exchange Commission Complaint Filed in Federal Court in South Carolina
We believe that our cooperation and extensive remediation efforts to date will be a factor in the resolution of this matter.
RICHMOND, Va., Feb. 27, 2020 /PRNewswire/ -- The U.S. Securities and Exchange Commission (SEC) today filed a complaint in the U.S. District Court for the District of South Carolina against SCANA Corporation, South Carolina Electric & Gas Company (now known as Dominion Energy South Carolina, Inc.), and two former SCANA executives. The complaint alleges violations of federal securities laws that occurred between 2015 and 2017, before the Dominion Energy-SCANA Corporation combination was completed on Jan. 1, 2019.
The company said: "This is a disappointing development related to a long-standing investigation by the SEC regarding pre-merger activities. Dominion Energy has been fully cooperating with the SEC in this investigation. That cooperation began prior to completion of our merger. We are taking this matter very seriously, and are reviewing the complaint to determine our next steps.
"In December 2019, we executed a settlement agreement with former SCANA shareholders for $192.5 million, which was preliminarily approved by the federal district court in South Carolina earlier this month.
"We believe that our cooperation and extensive remediation efforts to date will be a factor in the resolution of this matter."
About Dominion Energy
More than 7 million customers in 18 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and is one of the nation's largest producers and transporters of energy with more than $100 billion of assets providing electric generation, transmission and distribution, as well as natural gas storage, transmission, distribution and import/export services. The company is committed to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.
SOURCE Dominion Energy