Settlement of Monroe County Employees’ Retirement System and Roofers Local No. 149 Pension Fund v. The Southern Company, et al.
Civil Action No. 1:17-cv-00241-WMR
The parties have reached a settlement of this action, pending in the United States District Court for the Northern District of Georgia, Atlanta Division. The settlement provides for the payment of $87,500,000 for the benefit of eligible Class Members. Lead Plaintiff Roofers Local No. 149 Pension Fund and Plaintiff Monroe County Employees’ Retirement System alleged that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934; that throughout the Class Period (between April 25, 2012 and October 30, 2013, inclusive), Defendants allegedly made materially false and misleading statements and/or failed to disclose adverse information regarding the progress of a clean coal power plant in Kemper County, Mississippi, which caused the price of The Southern Company (“Southern Company” or the “Company”) common stock to trade at artificially inflated prices, until the market learned of the purported false and misleading statements or omissions, and the Company’s stock price declined.
The Class consists of all Persons who purchased or otherwise acquired Southern Company common stock during the Class Period, and were allegedly damaged thereby. Excluded from the Class are Defendants, the officers and directors of Southern Company during the Class Period, members of their immediate families, and their legal representatives, heirs, successors or assigns, and any entity in which any Defendant has or had a controlling interest. Also excluded from the Class is any Person who would otherwise be a Member of the Class but who validly and timely requested exclusion in accordance with the requirements set by the Court.
The settlement was approved by the Court on February 5, 2021.
If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.