Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Atlantic Power Corporation
Friday, March 29, 2013
Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Atlantic Power Corporation20:30 EDT Friday, March 29, 2013
LOS ANGELES (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 firstname.lastname@example.org, or visit our website at http://www.glancylaw.com.
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Glancy Binkow & Goldberg LLP, Los Angeles, CA
310-201-9150 or 888-773-9224