Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 from Investment in Atlantic Power Corporation to Inquir
29 März 2013 - 11:45PM
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the District of Massachusetts on behalf of purchasers of
Atlantic Power Corporation ("Atlantic Power" or the "Company")
(NYSE:AT) common stock during the period between July 23, 2010 and
March 4, 2013, inclusive (the "Class Period"), including purchasers
in the Company's registered public follow-on stock offerings on
October 13, 2010 at $13.35 per share, October 13, 2011 at $13.00
per share, and June 27, 2012 at $12.76 per share, and those who
acquired shares pursuant to the Company's divided reinvestment plan
commenced on August 8, 2012.
If you have suffered a net loss from investment in Atlantic
Power Corporation common stock purchased on or after July 23, 2010,
and held through March 4, 2013, you may obtain additional
information about this lawsuit and your ability to become a lead
plaintiff by contacting Brower Piven at www.browerpiven.com, by
email at hoffman@browerpiven.com, by calling 410/415-6616, or at
Brower Piven, A Professional Corporation, 1925 Old Valley Road,
Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60
years.
No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff. If you
wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff no later than May 7, 2013 and
be selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether
to accept a settlement and how much of a settlement to accept for
the Class in the action. The lead plaintiff will be selected
from among applicants claiming the largest loss from investment in
the Company during the Class Period.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants'
failure to disclose during the Class Period that the Company was
using all of its cash to pay its 10% dividend while its losses from
operations were mounting such that its dividend was unsustainable,
particularly since defendants knew but did not disclose that many
of the Company's project contracts were scheduled to expire over
the course of 2013 without new contracts to take their
place. According to the Complaint, following the Company's
November 5, 2012 disclosure of its third-quarter 2012 financial
results and a loss of $0.06 per share, the November 7, 2012
calculation by a stock analyst at RBC that Atlantic Power would
need to make at least $750 million of accretive equity investments
to maintain its 100% payout ratio on the outsized annual dividend
in 2014, the January 31, 2013 disclosure that Atlantic Power
intended to sell three of its Florida sites to Quantum Utility, the
February 19, 2013 research report by RBC calculating that the
Company would have to cut its dividend by 30% based on its fourth
quarter 2012 financial results for the interim quarter and fiscal
year ending December 31, 2012, the Company's February 28, 2013
disclosure that its fourth quarter loss from continuing operations
was $0.20 per share and that the Company was cutting its annual
dividend by 65%, and the March 4, 2013 research report by RBC that
warned that investors could not assume the 65% divided cut would
ensure the long-term sustainability of Atlantic Power's dividend
and that the Company would have to sell additional debt and/or
common equity in 2014 to fund $235 million of debt securities, the
value of Atlantic Power shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this
time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
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