NEW YORK, May 19, 2017 (GLOBE NEWSWIRE) — Stull, Stull & Brody today announced that a securities fraud complaint has been filed and that it is continuing its investigation relating to the 401(k) defined contribution plan of The Southern Company (NYSE:SO) (“Southern Company“ or the “Company”). Among other things, Stull, Stull & Brody is investigating whether fiduciaries of Southern Company’s 401(k) plan violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by offering Southern Company stock as an investment option under the plan when it was not prudent to do so and by failing to disclose the Company’s true financial and operating condition to participants and beneficiaries of the plan.
If you held Southern Company stock in an individual account under a Company 401(k) plan in 2012 and 2013 and have questions about your legal rights or interests with respect to these matters, please contact Michael Klein, Esq. at Stull, Stull & Brody by e-mail at [email protected], by calling toll-free 1-800-337-4983 x147, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
The securities fraud action filed in the U.S. District Court for the Northern District of Georgia focuses on whether, between April 25, 2012 and October 29, 2013, the Company and its executives violated federal securities laws by making false and/or misleading statements regarding Southern Company’s October 30, 2013, disclosure of an after-tax charge of $93 million “related to increased cost estimates for the construction” of a “clean coal” plant to be built in Kemper County, Mississippi (the “Kemper Plant”) by its subsidiary, Mississippi Power. Southern Company also 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. On this news, the price of Southern Company’s shares plummeted.
You may retain Stull, Stull & Brody, or other counsel of your choice, to represent you. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 40 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Beverly Hills.
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