Robbins Geller Rudman & Dowd LLP Announces Expanded Class Period in Class Action Suit against Atlantic Power Corporation
March 14 2013 - 6:55PM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/atlanticpower/) today announced that
a class action has been commenced in the United States District
Court for the District of Massachusetts on behalf of purchasers of
Atlantic Power Corporation (“Atlantic Power” or the “Company”)
(TSX:ATP) (NYSE:AT) common stock during an expanded class period
from July 23, 2010 through March 4, 2013, inclusive (the "Class
Period").
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from March 8, 2013. If you wish to discuss
this action or have any questions concerning this notice or your
rights or interests, please contact plaintiffs’ counsel, Samuel H.
Rudman or David A. Rosenfeld of Robbins Geller at 800-449-4900 or
619-231-1058, or via e-mail at djr@rgrdlaw.com. If you are a member
of this class, you can view a copy of the complaint as filed or
join this class action online at
http://www.rgrdlaw.com/cases/atlanticpower/. Any member of the
putative 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.
The complaint charges Atlantic Power and certain of its officers
and directors with violations of the Securities Exchange Act of
1934. Defendant Atlantic Power is a power generation and
infrastructure company with a portfolio of assets in the United
States and Canada. The Company is engaged in power generation
through hydro, natural gas and coal fired power plants.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements regarding the
Company’s business practices and financial results. Specifically,
the complaint alleges that: (i) the cash flows the Company was
using to pay a 10% dividend payout were being funded by revenues
derived from companies Atlantic Power was spending tens of millions
of dollars to acquire during the Class Period; (ii) Atlantic
Power’s losses from operations were mounting, jeopardizing the
Company’s ability to maintain the outsized dividend payment; and
(iii) defendants knew that many of the Company’s project contracts
were scheduled to expire over the course of 2013, meaning cash
flows from those projects would be substantially lower after those
contracts ended, and unbeknownst to investors, Atlantic Power was
not replacing those contracts – further jeopardizing its ability to
maintain the outsized dividend payment that was supporting its
stock price. As a result of defendants’ materially false and
misleading statements, Atlantic Power common stock traded at
artificially inflated prices throughout the Class Period, reaching
an intraday high of $16.28 per share by August 1, 2012.
According to the complaint, as the market learned the truth
about Atlantic Power’s mounting losses and its inability to
maintain its outsized dividend through a number of misleading
financial disclosures between November 7, 2012 and March 4, 2013,
more than $1 billion of the Company’s market capitalization
disappeared.
Plaintiffs seek to recover damages on behalf of all purchasers
of Atlantic Power common stock during the Class Period (the
“Class”), including purchasers in the Company’s registered public
follow-on stock offerings on October 13, 2010, October 13, 2011,
and June 27, 2012, and those who acquired shares pursuant to
Atlantic Power’s dividend reinvestment plan commenced on August 8,
2012. The plaintiffs are represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional
investors in contingency-based securities and corporate litigation.
With nearly 200 lawyers in nine offices, the firm represents
hundreds of public and multi-employer pension funds with combined
assets under management in excess of $2 trillion. The firm has
obtained many of the largest recoveries and has been ranked number
one in the number of shareholder class action recoveries in MSCI’s
Top SCAS 50 every year since 2003. According to Cornerstone
Research, the firm’s recoveries have averaged 35% above the median
for all firms over the past seven years (2005-2011). Please visit
http://www.rgrdlaw.com for more information.
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