Robbins Geller Rudman & Dowd LLP Announces Expanded Class Period in Class Action Suit against Atlantic Power Corporation

  Robbins Geller Rudman & Dowd LLP Announces Expanded Class Period in Class
  Action Suit against Atlantic Power Corporation

Business Wire

NEW YORK -- March 14, 2013

Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/atlanticpower/) today announced that a class
action has been commenced in the United States District Court for the District
of Massachusetts on behalf of purchasers of Atlantic Power Corporation
(“Atlantic Power” or the “Company”) (TSX:ATP) (NYSE:AT) common stock during an
expanded class period from July 23, 2010 through March 4, 2013, inclusive (the
"Class Period").

If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from March 8, 2013. If you wish to discuss this action or have any
questions concerning this notice or your rights or interests, please contact
plaintiffs’ counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller
at 800-449-4900 or 619-231-1058, or via e-mail at djr@rgrdlaw.com. If you are
a member of this class, you can view a copy of the complaint as filed or join
this class action online at http://www.rgrdlaw.com/cases/atlanticpower/. Any
member of the putative class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.

The complaint charges Atlantic Power and certain of its officers and directors
with violations of the Securities Exchange Act of 1934. Defendant Atlantic
Power is a power generation and infrastructure company with a portfolio of
assets in the United States and Canada. The Company is engaged in power
generation through hydro, natural gas and coal fired power plants.

The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s business
practices and financial results. Specifically, the complaint alleges that: (i)
the cash flows the Company was using to pay a 10% dividend payout were being
funded by revenues derived from companies Atlantic Power was spending tens of
millions of dollars to acquire during the Class Period; (ii) Atlantic Power’s
losses from operations were mounting, jeopardizing the Company’s ability to
maintain the outsized dividend payment; and (iii) defendants knew that many of
the Company’s project contracts were scheduled to expire over the course of
2013, meaning cash flows from those projects would be substantially lower
after those contracts ended, and unbeknownst to investors, Atlantic Power was
not replacing those contracts – further jeopardizing its ability to maintain
the outsized dividend payment that was supporting its stock price. As a result
of defendants’ materially false and misleading statements, Atlantic Power
common stock traded at artificially inflated prices throughout the Class
Period, reaching an intraday high of $16.28 per share by August 1, 2012.

According to the complaint, as the market learned the truth about Atlantic
Power’s mounting losses and its inability to maintain its outsized dividend
through a number of misleading financial disclosures between November 7, 2012
and March 4, 2013, more than $1 billion of the Company’s market capitalization
disappeared.

Plaintiffs seek to recover damages on behalf of all purchasers of Atlantic
Power common stock during the Class Period (the “Class”), including purchasers
in the Company’s registered public follow-on stock offerings on October 13,
2010, October 13, 2011, and June 27, 2012, and those who acquired shares
pursuant to Atlantic Power’s dividend reinvestment plan commenced on August 8,
2012. The plaintiffs are represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in actions
involving financial fraud.

Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries and has been ranked
number one in the number of shareholder class action recoveries in MSCI’s Top
SCAS 50 every year since 2003. According to Cornerstone Research, the firm’s
recoveries have averaged 35% above the median for all firms over the past
seven years (2005-2011). Please visit http://www.rgrdlaw.com for more
information.

Contact:

Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld
djr@rgrdlaw.com