SOURCE: Saxena White P.A.
BOCA RATON, FL--(Marketwire - Mar 15, 2013) - Saxena White P.A. has filed a securities fraud class action lawsuit in the United States District Court for the District of Massachusetts against Atlantic Power Corporation ("Atlantic Power" or the "Company") (NYSE: AT) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from August 8, 2012 through February 28, 2013 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.
The complaint charges that Atlantic Power violated federal securities laws by making false and misleading statements regarding the sustainability of Atlantic Power's common stock dividend throughout the Class Period. 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 AT's common stock dividend by more than 50% commencing with the March 2013 dividend. The market reacted immediately and the price of AT common stock fell from an opening price of $10.25 per share on February 28, 2012 to a closing price of $7.12 per share on March 1, 2013, and a further drop on March 4 to a $5.91 per share closing price, on trading volume of over 9 million shares.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Atlantic Power stock between August 8, 2012 and February 28, 2013, inclusive, you may contact Joe White (firstname.lastname@example.org) or Marc Grobler (email@example.com) at Saxena White P.A. to discuss your rights and interests.
Please note that an additional class action complaint was recently filed against Atlantic Power with an expanded Class Period from between July 23, 2010 through March 4, 2013. If you purchased Atlantic Power common stock during that Class Period of July 23, 2010 through March 4, 2013, inclusive, and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than May 7, 2013. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.
Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.