Massachusetts Securities Law Firm Files Class Action Against Atlantic Power Corporation (AT) to Recover Investor Losses from Dividend Cut

A securities class action lawsuit has been filed against Atlantic Power Corporation (NYSE: AT)(“Atlantic Power”) and certain of its officers. The lawsuit alleges federal securities violations on behalf of purchasers of Atlantic Power securities from July 23, 2010 through and including March 4, 2013. The complaint alleges that

Unlike other publicly-traded utility companies, which typically pay out no more than 4% of profits as dividends, Atlantic paid an outsized 10% dividend during the Class Period. As detailed below, Atlantic fed its investors with multiple shareholder presentations, press releases, and other SEC filings that omitted crucial and relevant information regarding the safety of its dividend.   On February 28, 2013, the Company disclosed that it was cutting the Company’s monthly dividend, starting in March 2013, by 65%.

The complaint was filed April 23, 2013 in the United States District Court for the District of Massachusetts.  See the press release here and the complaint here.

See Dornan v. Atlantic Power Corporation et al., Case No. 1:13-cv-10991 (D. Mass.).