LOS ANGELES, April 28, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Atlantic Power Corporation ("Atlantic Power" or the "Company") (NYSE:AT), has filed a class action lawsuit in the United States District Court for the District of Massachusetts on behalf of a class (the "Class") comprising all purchasers of Atlantic Power common stock between July 23, 2010 and March 4, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 7, 2013 to file a motion with the Court to be appointed as lead plaintiff.
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US BY PHONE TO DISCUSS THIS ACTION OR TO OBTAIN A COPY OF THE COMPLAINT AT (310) 201-9150, TOLL-FREE AT (888) 773-9224, OR BY EMAIL AT SHAREHOLDERS@GLANCYLAW.COM.
The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company's business, operations and prospects. Specifically, the Complaint alleges that the Company and its President and Chief Executive Officer, Barry Welch, made false and misleading statements regarding the sustainability of Atlantic Power's stock dividend, which was regarded by the Company as one of its corporate objectives.
On February 28, 2013 the Company disclosed that it was cutting its monthly dividend starting in March 2013 by more than 50%. According to the Company, even though the Company's February 2013 dividend was Cdn$0.09583, "the Board, with management's recommendation, unanimously approved a reduction in the annual dividend level to Cdn$0.40 per share, or Cdn$0.03333 per share on a monthly basis."
If you are a member of the Class described above, you may move the Court to serve as lead plaintiff no later than May 7, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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