Saxena White P.A. Files Securities Fraud Class Action Against Atlantic Power Corporation
March 15 2013 - 11:00PM
Marketwired
Saxena White P.A. has filed a securities fraud class action lawsuit
in the United States District Court for the District of
Massachusetts against Atlantic Power Corporation ("Atlantic Power"
or the "Company") (NYSE: AT) on behalf of investors who purchased
or otherwise acquired the common stock of the Company during the
period from August 8, 2012 through February 28, 2013 (the "Class
Period"). The complaint brings forth claims for violations of the
Securities Exchange Act of 1934.
The complaint charges that Atlantic Power violated federal
securities laws by making false and misleading statements regarding
the sustainability of Atlantic Power's common stock dividend
throughout the Class Period. 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. The market reacted immediately and the price of AT common
stock fell from an opening price of $10.25 per share on February
28, 2012 to a closing price of $7.12 per share on March 1, 2013,
and a further drop on March 4 to a $5.91 per share closing price,
on trading volume of over 9 million shares.
You may obtain a copy of the complaint and join the class action
at www.saxenawhite.com. If you purchased Atlantic Power stock
between August 8, 2012 and February 28, 2013, inclusive, you may
contact Joe White (jwhite@saxenawhite.com) or Marc Grobler
(mgrobler@saxenawhite.com) at Saxena White P.A. to discuss your
rights and interests.
Please note that an additional class action complaint was
recently filed against Atlantic Power with an expanded Class Period
from between July 23, 2010 through March 4, 2013. If you purchased
Atlantic Power common stock during that Class Period of July 23,
2010 through March 4, 2013, inclusive, and wish to apply to be the
lead plaintiff in this action, a motion on your behalf must be
filed with the Court no later than May 7, 2013. You may contact
Saxena White P.A. to discuss your rights regarding the appointment
of lead plaintiff and your interest in the class action. Please
note that you may also retain counsel of your choice and need not
take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in
prosecuting securities fraud and complex class actions on behalf of
institutions and individuals. Currently serving as lead counsel in
numerous securities fraud class actions nationwide, the firm has
recovered hundreds of millions of dollars on behalf of injured
investors and is active in major litigation pending in federal and
state courts throughout the United States.
Joseph E. White, III jwhite@saxenawhite.com Marc Grobler
mgrobler@saxenawhite.com Saxena White P.A. 2424 North Federal
Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax:
(561) 394-3382 www.saxenawhite.com
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