Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Atlantic Power Corporation
25 März 2013 - 11:00PM
Business Wire
Law Offices of Howard G. Smith announces that investors of
Atlantic Power Corporation (“Atlantic Power” or the “Company”)
(NYSE:AT) have until May 8, 2013 to move the Court to serve as lead
plaintiff in the securities fraud class action lawsuit filed in the
United States District Court for the District of Massachusetts on
behalf of a class (the “Class”) comprising all purchasers of
Atlantic Power common stock between August 8, 2012 and February 28,
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,
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 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, 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, to close on
March 4, 2013 at $5.91 per share, also on unusually heavy
volume.
If you are a member of the Class described above, 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, or may retain counsel of your choice. If you
wish to discuss this action or learn more concerning your rights or
interests 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 by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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