Morgan & Morgan Announces the Filing of Class Action Against Atlantic Power (AT)
March 13 2013 - 2:57PM
Morgan & Morgan announces that a class action has been filed in
the United District Court for District of Massachusetts on behalf
of purchasers of common stock of Atlantic Power Corporation
("Atlantic Power" or the "Company") (NYSE:AT) (TSX:ATP) during the
class period of August 8, 2012 and February 28, 2013 ("Class
Period"). The complaint charges that Atlantic Power and its
President and Chief Executive Officer, Barry Welch, violated
federal securities laws by making false and misleading statements
regarding Atlantic Power's ability to continue to issue its common
stock dividend at the same level that it was paying to investors.
If you purchased Atlantic Power common stock between August 8,
2012 and February 28, 2013, you may, no later than May 8, 2013,
request that the Court appoint you lead plaintiff of the proposed
class. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. Any
member of the purported class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member.
If you purchased Atlantic Power common stock on the NYSE or
TSX and want more information about the Atlantic Power securities
fraud class action lawsuit, please contact George Pressly, Esq. at
1 (800) 631-6234 or email George at
info@morgansecuritieslaw.com.
The Complaint alleges that the sustainability of Atlantic
Power'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 Atlantic Power's common stock dividend.
The dividend was cut 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 Atlantic Power's 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.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law
firms. In addition to securities fraud, the firm also practices in
the areas of antitrust, personal injury, consumer protection,
overtime, and product liability. All of the Firm's legal endeavors
are rooted in its core mission: provide investor and consumer
protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar
outcome.
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CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
Suite 2001
New York, NY 10036
1-800-631-6234
info@morgansecuritieslaw.com
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