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