Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Atlantic Power Corporation
30 März 2013 - 1:30AM
Business Wire
Glancy Binkow & Goldberg LLP announces that purchasers of
the common stock of Atlantic Power Corporation (“Atlantic Power” or
the “Company”) (NYSE:AT) between July 23, 2010 and March 4, 2013,
inclusive (the “Class Period”), have until May 7, 2013 to file a
motion with the Court to be appointed as lead plaintiff. The
shareholder lawsuit was filed in the United States District Court
for the District of Massachusetts.
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 the
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 the Company’s 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, or
16.99%, to close on March 4, 2013 at $5.91 per share, also on
unusually heavy volume.
If you purchased Atlantic Power common stock during the Class
Period, you have until May 7, 2013 to move the Court to serve as
lead plaintiff; however, you must meet certain legal requirements.
To be a member of the Class you need not take action at this time;
you may retain counsel of your choice or take no action and remain
an absent Class member. To learn more about this action, or if you
have any questions concerning this Notice or your rights or
interests with respect to these matters, please contact Michael
Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925
Century Park East, Suite 2100, Los Angeles, California 90067, by
telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail
to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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