PHILADELPHIA, March 8, 2013 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, District of Massachusetts, 13cv10537, on behalf purchasers of common stock of Atlantic Power Corporation (NYSE:AT) between August 8, 2012 and February 28, 2013, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court no later than May 8, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at firstname.lastname@example.org or email@example.com. Any person who purchased AT common stock during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The complaint charges that Atlantic Power ("AT") and its President and Chief Executive Officer, Barry Welch, violated federal securities laws by making false and misleading statements regarding AT's common stock dividend in 2012 and 2013. Specifically, the sustainability of AT's stock dividend was regarded by the Company as one of its corporate objectives. On numerous occasions during the Class Period, defendants stated they were studying cash flows and the sustainability of a dividend. Then, without any warning, on February 28, 2013 in a press release the company stated that in order to "target a lower, more sustainable payout ratio that balances yield and growth," the Board, with management's recommendation was cutting AT's common stock dividend by more than 50% commencing with the March 2013 dividend, thus paying an annual dividend of only Cdn$0.40 per share, down from Cdn$0.90 per share. The market reacted immediately and the price of AT common stock fell from an opening price of $10.25 on February 28, 2012 to a closing price of $7.12 on March 1, 2013, and a further drop on March 4 to a $5.91 closing price, on trading volume of over 9 million shares.
Plaintiff seeks to recover damages on behalf of all persons who purchased the common stock of ATLANTIC POWER CORPORATION (NYSE:AT) between August 8, 2012 and February 28, 2013, inclusive. The plaintiff is represented by Law Offices Bernard M. Gross P.C. The firm has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
|PLEASE CONTACT:||Law Offices Bernard M. Gross, P.C.|
|Susan R. Gross, Esq.|
|Deborah R. Gross, Esq.|
|Telephone: 866-561-3600 (toll free) or 215-561-3600|