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. at 1 (800) 631-6234 or 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.
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Source: Morgan & Morgan