BOSTON, March 16, 2015 /CNW/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") today announced that the U.S. District Court for the
District of Massachusetts (the
"District Court") has granted the defendants' motion to dismiss the
amended complaint in the securities class action suit originally
filed on March 15, 2013 against
Atlantic Power and certain of its current and former officers and
directors. In addition, the District Court denied plaintiffs'
motion to amend their complaint as futile. "We are very
pleased with the court's decision," said James Moore, President and CEO of Atlantic
Power. Plaintiffs will have 30 days to file an appeal after
the District Court enters a final judgment. The Company will
continue to vigorously defend against the proposed Canadian class
proceeding.
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. Atlantic Power's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices. Its
power generation projects have an aggregate gross electric
generation capacity of approximately 2,945 MW in which its
aggregate ownership interest is approximately 2,024 MW. Its
current portfolio consists of interests in twenty-eight operational
power generation projects across eleven states in the United States and two provinces in
Canada.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT and on the Toronto Stock Exchange under the symbol
ATP. For more information, please visit the Company's website
at www.atlanticpower.com or contact: Atlantic Power
Corporation, Amanda Wagemaker,
Investor Relations (617) 977-2700, info@atlanticpower.com.
Copies of financial data and other publicly filed documents are
filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power" or on Atlantic
Power's website.
Cautionary Note Regarding Forward-Looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate," "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited,
to statements with respect to the following:
- the nature of any further proceedings in the U.S. class action
securities litigation; and
- the Company's ability to vigorously defend against the proposed
Canadian class proceeding.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the Company,
including, without limitation, the purported class action
shareholder litigation. Although the forward-looking
statements contained in this news release are based upon what are
believed to be reasonable assumptions, investors cannot be assured
that actual results will be consistent with these forward-looking
statements, and the differences may be material. These
forward-looking statements are made as of the date of this news
release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect
new events or circumstances. Readers are cautioned that the
information contained herein may not be appropriate for other
purposes.
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SOURCE Atlantic Power Corporation