Case Page

 

Case Status:    DISMISSED    
On or around 03/13/2015 (Court's order of dismissal)

Filing Date: March 08, 2013

According to the law firm press release, the complaint charges that Atlantic Power ("AT") and its President and Chief Executive Officer violated federal securities laws by making false and misleading statements regarding AT's common stock dividend in 2012 and 2013. Specifically, the sustainability of AT's stock dividend was regarded by the Company as one of its corporate objectives. On numerous occasions during the Class Period, defendants stated they were studying cash flows
and the sustainability of a dividend. Then, without any warning, 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, thus paying an annual dividend of only Cdn $0.40 per share, down from Cdn $0.90 per share. The market reacted immediately and the price of AT common stock fell from an opening price of $10.25 on February 28, 2012 to a closing price of $7.12 on March 1, 2013, and a further drop on March 4 to a $5.91 closing price, on trading volume of over 9 million shares.

According to the July 31, 2013 docket entry, the Court granted the Motions to Consolidate Cases.

On March 31, 2014, the Court issued an Order appointing lead plaintiffs and lead counsel. Lead plaintiffs filed an amended and consolidated complaint on June 6.

On March 13, 2015, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs' Motion to Amend the complaint was denied.

COMPANY INFORMATION:

Sector: Utilities
Industry: Electric Utilities
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 13-CV-10537
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 03/08/2013
CLASS PERIOD START: 08/08/2012
CLASS PERIOD END: 02/28/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 13-CV-10537
JUDGE: Hon. Douglas P. Woodlock
DATE FILED: 06/06/2014
CLASS PERIOD START: 06/20/2011
CLASS PERIOD END: 03/04/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio (Boston)
    One Liberty Square, Berman DeValerio (Boston), MA 02109
    617.542.8300 617.542.8300 ·
  2. Morgan & Morgan
    28 West 44th Street, Morgan & Morgan, NY 10036
    (212) 564-1637 ·
  3. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date