Atlantic Power Corporation (NYSE: AT) Investor Securities Class Action Lawsuit 03/08/2013

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Company Name(s): 
Atlantic Power
Case Name: 
Atlantic Power Shareholder Class Action Lawsuit 03/08/2013
Case Status: 
Case Dismissed
Affected Securities
NYSE: AT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/08/2013
Class Period Begin: 
06/20/2011
Class Period End: 
03/04/2013
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
05/08/2013
Case Dismissed: 
03/13/2015
Summary: 

March 13, 2015 - The court granted the defendants' motion to dismiss.

August 5, 2014 - The defendants filed a motion to dismiss.

June 6, 2014 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased Atlantic Power Corporation (NYSE: AT) common shares between June 20, 2011 and March 4, 2013. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between June 20, 2011 and March 4, 2013.

March 31, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 7, 2013 - Lead plaintiff motions were filed.

March 8, 2013 - An investor in shares of Atlantic Power Corporation (NYSE: AT) filed a lawsuit in the U.S. District Court for the District of Massachusetts against Atlantic Power Corporation over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 8, 2012 and February 28, 2013.

According to the complaint the plaintiff alleges on behalf of on behalf purchasers of common stock of Atlantic Power Corporation (NYSE: AT) between August 8, 2012 and February 28, 2013, Atlantic Power Corporation and its President and Chief Executive Officer violated the Securities Exchange Act of 1934 by issuing between August 8, 2012 and February 28, 2013 allegedly materially false and misleading statements regarding Atlantic Power Corporation's (NYSE: AT) common stock dividend in 2012 and 2013.

Specifically, the plaintiff claims that the sustainability of Atlantic Power Corporation's (NYSE: AT) stock dividend was regarded by Atlantic Power Corporation as one of its corporate objectives and between August 8, 2012 and February 28, 2013 on numerous occasions defendants stated they were studying cash flows and the sustainability of a dividend.

However, on February 28, 2013, Atlantic Power Corporation reported its fourth quarter and Year End 2012 results. Among other things Atlantic Power Corporation also issued its 2013 guidance and announced a dividend reduction.

Shares of Atlantic Power Corporation (NYSE: AT) declined from $10.26 on February 28, 2013 to as low as $5.37 on March 6, 2013.

On March 8, 2013, Atlantic Power Corporation (NYSE: AT) shares closed at $5.43 per share, which was significantly below its current 52 week High of $15.18 per share.