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 firstname.lastname@example.org. 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.
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