Press release from Business Wire
Law Offices of Todd M. Garber Announces Investigation of Atlantic Power Corporation
Friday, April 05, 2013
Law Offices of Todd M. Garber Announces Investigation of Atlantic Power Corporation21:18 EDT Friday, April 05, 2013
LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that it is investigating potential claims against Atlantic Power Corporation (“Atlantic Power” or the “Company”) (NYSE:AT) concerning possible violations of federal securities laws. Atlantic Power operates as a power generation and infrastructure company with a portfolio of assets in the United States and Canada.
The investigation is related to Atlantic Power's February 26, 2013 announcement that it was cutting its monthly dividend starting in March 2013 by more than 50%. According to the Company, even though the 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, Atlantic Power shares 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.
The investigation concerns allegations that between July 23, 2010 and March 4, 2013 the Company and certain of its executive officers misrepresented or failed to disclose material adverse facts about the Company's business, operations and prospects, including issuing 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.
If you purchased Atlantic Power common stock between July 23, 2010 and March 4, 2013, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California