The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Atlantic Power Corporation

Monday, March 25, 2013

Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Atlantic Power Corporation18:00 EDT Monday, March 25, 2013 BENSALEM, Pa. (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. Law Offices of Howard G. SmithHoward G. Smith, Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com