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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
Howard G. Smith, Esquire
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