BREAKING NEWS Former Mississippi House Speaker Billy McCoy dead at 77 Full Story
WEATHER AUTHORITY : Freeze Warning View Alerts
STREAMING NOW: Watch Now

No securities fraud case over Mississippi plant

Southern Co. says the U.S. Securities and Exchange Commission has ended its securities fraud investigation into whether the utility misled investors about progress at a Mississippi power plant and won't recommend any enforcement action.

Posted: Dec 1, 2017 4:26 PM

JACKSON, Miss. (AP) — Southern Co. says the U.S. Securities and Exchange Commission has ended its securities fraud investigation into whether the utility misled investors about progress at a Mississippi power plant and won't recommend any enforcement action.

The Atlanta-based parent of Mississippi Power Co. made the statement in a Friday securities filing. At the same time it announced that it has reached a deal with Mississippi regulators on how much customers should pay for the part of the Kemper County plant that burns natural gas. The company is absorbing more than $6 billion in losses after stopping work on converting coal into a synthetic gas and removing pollutants.

The company still faces lawsuits from shareholders, a former employee and a former business partner over claims that Southern lied about problems at the plant, concealing delays and overruns.

Article Comments

Tupelo
Clear
17° wxIcon
Hi: 46° Lo: 30°
Feels Like: 10°
Columbus
Clear
18° wxIcon
Hi: 46° Lo: 31°
Feels Like: 18°
Oxford
Clear
14° wxIcon
Hi: 46° Lo: 27°
Feels Like: 14°
Starkville
Clear
18° wxIcon
Hi: 45° Lo: 28°
Feels Like: 18°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather