DEDHAM, Mass., Dec. 4, 2015 /CNW/ -- Atlantic Power
Corporation (NYSE: AT) (TSX: ATP) ("Atlantic Power" or the
"Company") announced today that the Ontario Superior Court of
Justice issued an Order on December 2,
2015 dismissing, with prejudice, the proposed securities
class action originally filed in March
2013 against the Company, a current officer, and a former
officer and director (the "Order"). The Order also approved a
settlement among the parties dated November
5, 2015. The settlement provides that the plaintiffs
will abandon their appeal of the Superior Court's decision issued
in July of this year (the "July decision"). The settlement
also provides that there will be no payments by either side and
that each party will bear its own costs.
Consistent with the July decision, the key aspects of which were
previously disclosed by the Company, the Order is without prejudice
to the rights of the Company's convertible debenture holders to
file a reconstituted claim limited to the potential claims of
debenture holders, provided they first reimburse the defendants on
a partial indemnity basis for the defendants' costs of responding
to the leave and certification motions that were denied in the July
decision. The Company maintains that there is no basis for
any such claim and will aggressively defend any effort to advance
one.
The proposed securities class action in Quebec, which is focused on the same facts and
issues as the Ontario action, is
currently stayed until September 16,
2016 pending the outcome of the Ontario litigation.
As previously reported by the Company, the U.S. securities class
action suit was dismissed on November 30,
2015 with prejudice and with each side bearing its own
costs.
"The successful conclusion of these securities lawsuits in
the United States and Canada is a significant achievement and
contributes to what has been a strong year of progress in reducing
the legal, financial and operational risk profile of Atlantic Power
Corporation," said James J. Moore,
Jr., President and Chief Executive Officer of Atlantic
Power. "The Company's improved risk profile is also evidenced
by our reduced debt levels, sharply lower overhead costs and a
recent credit rating upgrade, all of which put us in a good
position to continue our focus on growing cash flow organically,
refinancing as market conditions warrant, extending Power Purchase
Agreements and pursuing external growth where we find attractive
opportunities."
About Atlantic Power
Atlantic Power owns and operates a diverse fleet of power
generation assets in the United
States and Canada. The Company's power generation
projects sell electricity to utilities and other large commercial
customers largely under long-term power purchase agreements, which
seek to minimize exposure to changes in commodity prices.
Atlantic Power's power generation projects in operation have an
aggregate gross electric generation capacity of approximately 2,141
megawatts ("MW") in which its aggregate ownership interest is
approximately 1,504 MW. The Company's current portfolio
consists of interests in twenty-three operational power generation
projects across nine states in the United
States and two provinces in Canada.
Atlantic Power trades on the New York Stock Exchange under the
symbol AT and on the Toronto Stock Exchange under the symbol
ATP. For more information, please visit the Company's website
at www.atlanticpower.com or contact:
Atlantic Power Corporation
Investor Relations
(617) 977-2700
info@atlanticpower.com
Copies of certain financial data and other publicly filed
documents are filed on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov/edgar.shtml under "Atlantic Power Corporation" or
on the Company's website.
Cautionary Note Regarding Forward-Looking Statements
To the extent any statements made in this news release contain
information that is not historical, these statements are
forward-looking statements within the meaning of Section 27A of the
U.S. Securities Act of 1933, as amended, and Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, and under
Canadian securities law (collectively, "forward-looking
statements").
Certain statements in this news release may constitute
"forward-looking statements", which reflect the expectations of
management regarding the future growth, results of operations,
performance and business prospects and opportunities of the Company
and its projects. These statements, which are based on
certain assumptions and describe the Company's future plans,
strategies and expectations, can generally be identified by the use
of the words "may," "will," "project," "continue," "believe,"
"intend," "anticipate," "expect" or similar expressions that are
predictions of or indicate future events or trends and which do not
relate solely to present or historical matters. Examples of
such statements in this press release include, but are not limited
to, statements with respect to the following:
- the nature of any further proceedings in the Ontario or Quebec securities actions.
Forward-looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether or not or the times at or by which such
performance or results will be achieved. Please refer to the
factors discussed under "Risk Factors" and "Forward-Looking
Information" in the Company's periodic reports as filed with the
Securities and Exchange Commission from time to time for a detailed
discussion of the risks and uncertainties affecting the
Company. Although the forward-looking statements contained in
this news release are based upon what are believed to be reasonable
assumptions, investors cannot be assured that actual results will
be consistent with these forward-looking statements, and the
differences may be material. These forward-looking statements
are made as of the date of this news release and, except as
expressly required by applicable law, the Company assumes no
obligation to update or revise them to reflect new events or
circumstances.
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SOURCE Atlantic Power Corporation