Morgan & Morgan Files Class Action Suit Against Atlantic Power Corporation -- AT
April 23 2013 - 2:25PM
Morgan & Morgan announces it has filed a class action today in
the United District Court for District of Massachusetts on behalf
of purchasers of common stock of Atlantic Power Corporation
("Atlantic Power" or the "Company") (NYSE:AT) during the class
period of July 23, 2010 and March 4, 2013 ("Class Period"). The
complaint charges that Atlantic Power and its President and Chief
Executive Officer, Barry Welch, violated federal securities laws by
making false and misleading statements regarding Atlantic Power's
ability to continue to issue its common stock dividend at the same
level that it was paying to investors.
If you purchased Atlantic Power between July 23, 2010 and March
4, 2013, you may, no later than May 7, 2013, request that the Court
appoint you lead plaintiff of the proposed class. A lead plaintiff
is a representative party that acts on behalf of other class
members in directing the litigation. Any member of the purported
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.
If you purchased Atlantic Power and want more information about
the Atlantic Power lawsuit please contact George Pressly, Esq.
at 1 (800) 631-6234 or email George at
AskGeorge@morgansecuritieslaw.com.
The Complaint alleges that the sustainability of Atlantic
Power's stock dividend was regarded by the Company as one of its
corporate objectives. On numerous occasions during the Class
Period, defendants stated they were studying cash flows and the
sustainability of a dividend. Then, without any warning, 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 Atlantic Power's common stock
dividend. The dividend was cut by more than 50% commencing
with the March 2013 dividend, thus paying an annual dividend of
only Cdn$0.40 per share, down from Cdn$0.90 per share. The market
reacted immediately and the price of Atlantic Power's common stock
fell from an opening price of $10.25 on February 28, 2012 to a
closing price of $7.12 on March 1, 2013, and a further drop on
March 4 to a $5.91 closing price, on trading volume of over 9
million shares.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law
firms. In addition to securities fraud, the firm also practices in
the areas of stockbroker fraud, antitrust, personal injury,
consumer class actions, overtime, and product
liability. All of the Firm's legal endeavors are rooted
in its core mission: provide investor and consumer protection and
always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar
outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
Suite 2001
New York, NY 10036
1-800-631-6234
info@morgansecuritieslaw.com
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