Two more law firms announced last week that they're suing Atlantic Power (NYSE:AT) 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.