SAN DIEGO--()--Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of Atlantic Power Corporation, Inc. (NYSE: AT) violated state or federal laws when communicating to shareholders the sustainability of the Company’s dividend.
“On the same day as the dividend was cut, there was also an announcement regarding a shareholders’ rights plan; also known as a ‘poison pill.’ This seems to be a scheme designed to protect management and the board’s best interest.”
According to Johnson & Weaver, LLP, shares of AT have declined more than 44% since the February 28, 2013 announcement that the dividend would be reduced by 65%. Also, on that day, AT announced a “poison pill” plan, though the Company said the measure was not in response to any takeover attempt or the anticipation of receiving one.
Johnson & Weaver’s investigation is ongoing and addresses the timeline of possible misleading statements specifically regarding the sustainability of the dividend and the ability of paying the dividend. Jim Baker, Lead Analyst for Johnson & Weaver, stated that, “It appears quite obvious that the dividend was in jeopardy when statements by senior management were made to the contrary.” Baker continued, “On the same day as the dividend was cut, there was also an announcement regarding a shareholders’ rights plan; also known as a ‘poison pill.’ This seems to be a scheme designed to protect management and the board’s best interest.”
If you have information that could assist in this investigation, or if you are an Atlantic Power Corporation shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (email@example.com) or Frank Johnson (firstname.lastname@example.org) by email or by phone at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.