Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Atlantic Power Corporation
April 19 2013 - 9:30PM
Business Wire
The Law Offices of Todd M. Garber announces that shareholders of
Atlantic Power Corporation (“Atlantic Power” or the “Company”)
(NYSE:AT) have until May 7, 2013 to move for lead plaintiff status
in the shareholder lawsuit filed in the United States District
Court for the District of Massachusetts. The lawsuit was filed on
behalf of a class (the “Class”) comprising all purchasers of
Atlantic Power common stock 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 Company
and its Chief Executive Officer made false and misleading
statements or failed to disclose material adverse facts about the
Company’s business, operations and prospects, including 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. You may
retain counsel of your choice or take no action and remain an
absent Class member. If you wish to discuss this action or have any
questions concerning this Notice 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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