Law Offices Bernard M. Gross, P.C. Filed a Class Action Suit Against Atlantic Power Corporation -- AT
March 08 2013 - 3:55PM
Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in
the United States District Court, District of Massachusetts,
13cv10537, on behalf purchasers of common stock of Atlantic Power
Corporation (NYSE:AT) between August 8, 2012 and February 28, 2013,
inclusive (the "Class Period"), seeking to pursue remedies under
the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move
the Court no later than May 8, 2013. If you wish to
discuss this action or have any questions concerning this notice or
your rights or interests, please contact plaintiff's counsel,
Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600
or via email at debbie@bernardmgross.com or
susang@bernardmgross.com. Any person who purchased AT
common stock during the Class Period may move the Court to serve as
lead plaintiff through counsel of his choice, or may choose to do
nothing and remain an absent class member.
The complaint charges that Atlantic Power ("AT") and its
President and Chief Executive Officer, Barry Welch, violated
federal securities laws by making false and misleading statements
regarding AT's common stock dividend in 2012 and
2013. Specifically, the sustainability of AT's stock dividend
was regarded by the Company as one of its corporate
objectives. On numerous occasions during the Class Period,
defendants stated they were studying cash flows and the
sustainability of a dividend. Then, without any warning, on
February 28, 2013 in a press release the company stated that in
order to "target a lower, more sustainable payout ratio that
balances yield and growth," the Board, with management's
recommendation was cutting AT's common stock dividend by more than
50% commencing with the March 2013 dividend, thus paying an annual
dividend of only Cdn$0.40 per share, down from Cdn$0.90 per
share. The market reacted immediately and the price of AT
common stock fell from an opening price of $10.25 on February 28,
2012 to a closing price of $7.12 on March 1, 2013, and a further
drop on March 4 to a $5.91 closing price, on trading volume of over
9 million shares.
Plaintiff seeks to recover damages on behalf of all
persons who purchased the common stock of ATLANTIC POWER
CORPORATION (NYSE:AT) between August 8, 2012 and
February 28, 2013, inclusive. The plaintiff is
represented by Law Offices Bernard M. Gross P.C. The firm has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial
fraud.
If you wish to discuss this action or have any questions
concerning this Notice or rights or interests with respect to these
matters,
PLEASE
CONTACT: |
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Law Offices Bernard M. Gross,
P.C. |
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Susan R. Gross,
Esq. |
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Deborah R. Gross,
Esq. |
|
|
Telephone: 866-561-3600 (toll
free) or 215-561-3600 |
E-mail: |
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susang@bernardmgross.com
or |
|
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debbie@bernardmgross.com
, |
|
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Website:
http://www.bernardmgross.com |
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