LOS ANGELES--()--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of all purchasers of the common stock of Atlantic Power Corporation (“Atlantic Power” or the “Company”) (NYSE:AT) between August 8, 2012 and February 28, 2013, inclusive (the “Class Period”).
“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.”
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, 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 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, 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 Power 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 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 email@example.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.