Morgan & Morgan Files Class Action Suit Against Atlantic Power Corporation --
NEW YORK, April 23, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces it has
filed a class action today in the United District Court for District of
Massachusetts on behalf of purchasers of common stock of Atlantic Power
Corporation ("Atlantic Power" or the "Company") (NYSE:AT) during the class
period of July 23, 2010 and March 4, 2013 ("Class Period"). The complaint
charges that Atlantic Power and its President and Chief Executive Officer,
Barry Welch, violated federal securities laws by making false and misleading
statements regarding Atlantic Power's ability to continue to issue its common
stock dividend at the same level that it was paying to investors.
If you purchased Atlantic Power between July 23, 2010 and March 4, 2013, you
may, no later than May 7, 2013, request that the Court appoint you lead
plaintiff of the proposed class. A lead plaintiff is a representative party
that acts on behalf of other class members in directing the litigation. Any
member of the purported 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.
If you purchased Atlantic Power and want more information about the Atlantic
Power lawsuit please contact George Pressly, Esq. at1 (800) 631-6234or email
George at AskGeorge@morgansecuritieslaw.com.
The Complaint alleges that the sustainability of Atlantic Power'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 Atlantic
Power's common stock dividend.The dividend was cut 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 Atlantic Power's 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.
About Morgan & Morgan
Morgan & Morgan is one of the nation's largest 200 law firms. In addition to
securities fraud, the firm also practices in the areas of stockbroker fraud,
antitrust, personal injury, consumer class actions, overtime, and product
liability.All of the Firm's legal endeavors are rooted in its core mission:
provide investor and consumer protection and always fight "for the people."
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Morgan & Morgan
Peter Safirstein, Esq.
28 West 44th Street
New York, NY 10036
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