Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Atlantic Power Corporation
April 12 2013 - 9:31PM
Business Wire
The Law Offices of Todd M. Garber announces that a class action
lawsuit has been filed in the United States District Court for the
District of Massachusetts on behalf of a class (the “Class”)
comprising all purchasers of the common stock of Atlantic Power
Corporation (“Atlantic Power” or the “Company”) (NYSE:AT) between
July 23, 2010 and March 4, 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 the
defendants made false and/or misleading statements or 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 Atlantic Power’s stock dividend, which was
regarded by the Company as one of its corporate objectives.
On February 28, 2013 the Company announced 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, 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.
If you are a member of the above-described Class, you may move
the Court no later than May 7, 2013 to serve as lead plaintiff;
however, you must meet certain legal requirements. To be a member
of the Class you need not take any action at this time, or you may
retain counsel of your choice. If you have information or would
like to learn more about these claims, or if you 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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