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2 More Law Firms File Suit Against Atlantic Power

By Justin Loiseau – Apr 7, 2013 at 9:00PM

Did management mislead investors?

Two more law firms announced last week that they're suing Atlantic Power (AT +0.00%) on charges of misleading or failing to disclose key business factors to its shareholders. The Law Offices of Todd M. Garber (announced by Reuters; link opens in PDF) and Levi & Korsinky say they find concern with management's statements on the sustainability of Atlantic's dividend, and on the future prospects of soon-to-expire contracts.

Although both firms allege longer-term mismanagement, the foundation of both companies' complaints stems from Atlantic's Feb. 26 earnings report, when the utility announced that it would reduce its dividend by 66%.

Both firms are filing suits on behalf of investors who purchased Atlantic stock between July 23, 2010, and March 4 of this year. These latest lawsuits follow a similar filing by Robins Geller Rudman & Dowd on March 14.

About the Author

Justin Loiseau
Justin hails from the great united state of North Carolina, where he started his first business at the ripe age of five: melting crayons into candles. With the infamous Crayola Crash of 1994, Justin moved on to study economics and environmental studies at University of North Carolina as a Morehead-Cain Scholar and completed a Master's in Economics at the University of Auckland as a Rotary Ambassadorial Scholar. He has worked in a variety of sectors across the globe, from management consulting to the United Nations, and is a 2012 graduate of the Foolish Freelance Writers Academy. In his spare time, you can find him working with NGOs, foundations, governments, and others to cultivate research partnerships and ensure that program and policy decision-making is informed by scientific evidence. Follow @TMFJLo
TMFJLo

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