Law Offices of Todd M. Garber Announces Investigation of Atlantic Power Corporation
April 05 2013 - 9:18PM
Business Wire
The Law Offices of Todd M. Garber announces that it is
investigating potential claims against Atlantic Power Corporation
(“Atlantic Power” or the “Company”) (NYSE:AT) concerning possible
violations of federal securities laws. Atlantic Power operates as a
power generation and infrastructure company with a portfolio of
assets in the United States and Canada.
The investigation is related to Atlantic Power’s February 26,
2013 announcement that it was cutting its monthly dividend starting
in March 2013 by more than 50%. According to the Company, even
though the 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, Atlantic Power shares
declined $2.85 per share, or 28.59%, to close on March 1, 2013 at
$7.12 per share on unusually heavy volume, and further declined
$1.21 per share, or 16.99%, to close on March 4, 2013 at $5.91 per
share, also on unusually heavy volume.
The investigation concerns allegations that between July 23,
2010 and March 4, 2013 the Company and certain of its executive
officers misrepresented or failed to disclose material adverse
facts about the Company’s business, operations and prospects,
including issuing false and misleading statements regarding the
sustainability of Atlantic Power’s stock dividend, which was
regarded by the Company as one of its corporate objectives.
If you purchased Atlantic Power common stock between July 23,
2010 and March 4, 2013, if you have information or would like to
learn more about these claims, or if you wish to discuss these
matters or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by
telephone at 213-700-7262 or by email to
info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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