Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Atlantic Power Corporation
March 05 2013 - 4:58PM
Business Wire
Shareholder rights law firm Johnson & Weaver, LLP has
commenced an investigation into whether certain officers and
directors of Atlantic Power Corporation, Inc. (NYSE: AT) violated
state or federal laws when communicating to shareholders the
sustainability of the Company’s dividend.
According to Johnson & Weaver, LLP, shares of AT have
declined more than 44% since the February 28, 2013 announcement
that the dividend would be reduced by 65%. Also, on that day, AT
announced a “poison pill” plan, though the Company said the measure
was not in response to any takeover attempt or the anticipation of
receiving one.
Johnson & Weaver’s investigation is ongoing and addresses
the timeline of possible misleading statements specifically
regarding the sustainability of the dividend and the ability of
paying the dividend. Jim Baker, Lead Analyst for Johnson &
Weaver, stated that, “It appears quite obvious that the dividend
was in jeopardy when statements by senior management were made to
the contrary.” Baker continued, “On the same day as the dividend
was cut, there was also an announcement regarding a shareholders’
rights plan; also known as a ‘poison pill.’ This seems to be a
scheme designed to protect management and the board’s best
interest.”
If you have information that could assist in this investigation,
or if you are an Atlantic Power Corporation shareholder and are
interested in learning more about the investigation or your legal
rights and remedies, please contact Jim Baker
(jimb@johnsonandweaver.com) or Frank Johnson
(frankj@johnsonandweaver.com) by email or by phone at
619-230-0063.
Johnson & Weaver, LLP is a nationally recognized
shareholders’ rights law firm. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonandweaver.com.
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