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Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Atlantic Power Corporation To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Atlantic Power Corporation (“Atlantic Power” or the “Company”) (NYSE: AT).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the cash flows Atlantic Power was using to pay its 10% dividend yield were being generated through the costly acquisitions of companies; (2) Atlantic Power faced rising operating losses, jeopardizing the Company’s ability to maintain the hefty dividend payments; (3) 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 (4) Atlantic Power would not be replacing those contracts, further endangering its ability to maintain the large dividend payment that was supporting its stock price.
On February 28, 2013, the Company disclosed that it would cut its monthly dividend, starting in March 2013, by more than 50%. According to the Company, even though its February 2013 dividend was Canadian dollars (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.” On this unexpected news, shares of the Company declined $2.85 or 28.59% per share to close on March 1, 2013, at $7.12 per share. Atlantic Power’s share price declined a further $1.21 per share or 16.99% to close on March 4, 2013, at $5.91 per share.
If you invested in Atlantic Power stock or options between July 23, 2010 and March 4, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/AT. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Atlantic Power’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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