Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Atlantic Power Corporation
16 März 2013 - 10:00AM
Business Wire
Law Offices of Howard G. Smith announces that a class action
lawsuit has been filed in the United States District Court,
District of Massachusetts on behalf of all purchasers of the common
stock of Atlantic Power Corporation (“Atlantic” or the “Company”)
(NYSE:AT) between August 8, 2012 and February 28, 2013, inclusive
(the “Class Period”).
The Complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements, as well as
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 AT's stock dividend, which was
regarded by the Company as one of its corporate objectives.
On February 28, 2013, the Company disclosed that it was cutting
its monthly dividend, starting in March 2013, by more than 50%.
According to the Company, even though its 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, shares of the Company declined $2.85 per share,
28.59%, to close on March 1, 2013, at $7.12 per share, on unusually
heavy volume, and further declined $1.21 per share, 16.99%, to
close on March 4, 2013, at $5.91 per share, also on unusually heavy
volume.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain
one. If you purchased Atlantic common stock during the Class
Period, you have certain rights, and have until May 8, 2013 to move
for lead plaintiff status. To be a member of the class you need not
take any action at this time, and you may retain counsel of your
choice. If you wish to discuss this action or have any questions
concerning your rights with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020
by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or
email howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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