Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Atlantic Power Corporation
March 12 2013 - 6:22PM
Business Wire
Glancy Binkow & Goldberg LLP announces that a class action
lawsuit has been filed in the United States District Court for the
District of Massachusetts on behalf of all purchasers of the common
stock of Atlantic Power Corporation (“Atlantic Power” or the
“Company”) (NYSE:AT) between August 8, 2012 and February 28, 2013,
inclusive (the “Class Period”).
Atlantic Power operates as a power generation and infrastructure
company with a portfolio of assets in the United States and Canada.
The Complaint alleges that throughout the Class Period, Defendants
made false and/or misleading statements, as well as failed to
disclose material adverse facts about the Company’s business,
operations, and prospects. Specifically, the Complaint alleges that
the Company and its President and Chief Executive Officer, Barry
Welch, made false and misleading statements regarding the
sustainability of AT's stock dividend, which was regarded by the
Company as one of its corporate objectives.
On February 28, 2013, the Company disclosed that it was cutting
its monthly dividend, starting in March 2013, by more than 50%.
According to the Company, even though the Company’s February 2013
dividend was Cdn$0.09583, “the Board, with management’s
recommendation, unanimously approved a reduction in the annual
dividend level to Cdn$0.40 per share, or Cdn$0.03333 per share on a
monthly basis.” On this news, shares of the Company declined $2.85
per share, 28.59%, to close on March 1, 2013, at $7.12 per share,
on unusually heavy volume, and further declined $1.21 per share,
16.99%, to close on March 4, 2013, at $5.91 per share, also on
unusually heavy volume.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain
one. If you purchased Atlantic Power common stock during the Class
Period, you have certain rights, and have until May 8, 2013 to move
for lead plaintiff status. To be a member of the class you need not
take any action at this time, and you may retain counsel of your
choice. If you wish to discuss this action or have any questions
concerning this Notice or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067, by telephone at (310) 201-9150, Toll
Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or
visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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