Deloitte Wants Investor's Nuclear Energy Project Suit Tossed

Law360 (July 22, 2020, 4:34 PM EDT) -- Deloitte told a South Carolina federal court that it shouldn't have to face a thinly substantiated shareholder suit accusing the firm of issuing audit reports that misled investors about the progress SCANA Corp. was making on a nuclear energy expansion project that failed.

Deloitte said that despite the length of the more than 200-page complaint, investors made only thin allegations the accounting firm violated the Securities and Exchange Act. The only specific Deloitte actions targeted were two auditing statements the firm made about SCANA, and those statements can't be supplemented "with irrelevant allegations" to keep the securities fraud claim alive, Deloitte...

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