Key Developments: Atlantic Power Corp (AT)
4.88USD
24 May 2013
$-0.01 (-0.20%)
$4.89
$4.87
$4.91
$4.81
567,644
1,747,379
$15.18
$4.44
Latest Key Developments (Source: Significant Developments)
Atlantic Power Corp Announces May 2013 Common Share Dividend
Atlantic Power Corp announced its distribution for the month of May 2013. A dividend of CAD0.03333 per common share will be payable on June 28, 2013 to holders of record at the close of business on May 31, 2013. Full Article
Atlantic Power Corp Reaffirms FY 2013 EBITDA Guidance
Atlantic Power Corp announced that it is reaffirming fiscal 2013 guidance and projects Adjusted EBITDA guidance of $250 to $275 million. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $270 million for fiscal 2013. Full Article
Atlantic Power Corp Announces Completed Sale Of Interests In Path 15 Transmission Line
Atlantic Power Corp announced that the closing on April 30, 2013 of its previously announced sale of the Company's interests in the Path 15 transmission line (the "Sale"), including Atlantic Path 15 Transmission, LLC, Atlantic Holdings Path 15, LLC and Atlantic Path 15, LLC (collectively, "Path 15"). Atlantic Power received net cash proceeds from the Sale, including working capital adjustments, of approximately $56 million. All debt issued by Path 15, totaling $137.2 million as of March 31, 2013, transferred with the Sale. Full Article
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Atlantic Power Corp Of Class Action Lawsuit And The Deadline Of May 7, 2013 To Seek A Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Atlantic Power Corp (Atlantic Power or the Company). (stock between July 23, 2010 through March 4, 2013.The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding the Company's business practices and financial results. Specifically, the complaint alleges that: cash flows the Company was using to pay a dividend payout were being funded by revenues derived from companies Atlantic Power was spending millions of dollars to acquire; Atlantic Power's losses from operations were mounting, jeopardizing the Company's ability to maintain the outsized dividend payment; and defendants knew that many of the Company's project contracts were scheduled to expire over the course of 2013, meaning cash flows from those projects would be substantially lower after those contracts ended, and unbeknownst to investors, Atlantic Power was not replacing those contracts - further jeopardizing its ability to maintain the outsized dividend payment that was supporting its stock price. As a result of defendants' materially false and misleading statements, Atlantic Power common stock traded at artificially inflated prices throughout the class period. Full Article
Berman DeValerio Files Securities Class Action Lawsuit Against Atlantic Power Corp
The law firm of Berman DeValerio announced that it filed a securities class action lawsuit against Atlantic Power Corp (Atlantic Power or the Company) and certain of its officers (collectively, with Atlantic Power, the Defendants). The lawsuit alleges violations of United States securities laws on behalf of purchasers of Atlantic Power securities from July 23, 2010 through and including March 4, 2013 (the Class Period). The complaint was filed April 23, 2013 in the United States District Court for the District of Massachusetts, as Dornan v. Atlantic Power Corporation et al., 1:13-cv-10991 (D. Mass.). During the Class Period, Atlantic Power paid investors a dividend of 10% of its profits, a much larger dividend than the 4% maximum typically paid by other publicly traded utility companies. The Company assured investors throughout the Class Period about the safety of the dividend through a series of news releases and Securities and Exchange Commission (SEC) filings that omitted crucial and relevant material about the dividend`s safety. Then, on February 28, 2013, Atlantic Power disclosed that it was cutting its monthly dividend by 65% beginning in March 2013. As a result, shares of the Company`s stock declined $2.85, or 29%, to close at $7.12 per share on March 1, 2013. Full Article
Law Offices Of Todd M. Garber Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Atlantic Power Corp
The Law Offices of Todd M. Garber announced that shareholders of Atlantic Power Corporation have until May 7, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the District of Massachusetts. The lawsuit was filed on behalf of a class (the Class) comprising all purchasers of Atlantic Power common stock between July 23, 2010 and March 4, 2013, inclusive (the Class Period). The Complaint alleges that throughout the Class Period the Company and Chief Executive Officer made false and misleading statements or failed to disclose material adverse facts about the Company's business, operations and prospects, including the sustainability of Atlantic Power's stock dividend, which was regarded by the Company as one of corporate objectives. Full Article
Atlantic Power Corp Announces April 2013 Common Share Dividend
Atlantic Power Corp announced its distribution for the month of April 2013. A dividend of CAD0.03333 per common share will be payable on May 31, 2013 to holders of record at the close of business on April 30, 2013. Full Article
Atlantic Power Corp Announces Completed Sale Of Three Florida Facilities; Provides Update On Other Asset Sales
Atlantic Power Corp announced the closing of its previously announced sale of the Company's interests in three Florida projects, Auburndale Power Partners Limited Partners (Auburndale), Lake Cogen, Ltd., and Pasco Cogen, Ltd. for a purchase price, including working capital adjustments, of approximately $140 million. After repayment of project-level debt at Auburndale and settlement of all outstanding natural gas swap agreements at Lake and Auburndale, net cash proceeds to Atlantic Power from the Florida Project Sale were approximately $117 million. This includes $92 million received at closing and cash distributions from the projects of approximately $25 million received since January 1, 2013. The Company expects to use the net proceeds from the Florida Project Sale to fully repay the Company's senior credit facility, which has an outstanding balance of approximately $64 million, and the remainder will be held for general corporate purposes, including future accretive growth opportunities. In April, the Company, along with its partners, entered into a purchase and sale agreement to sell its 17% interest in the Gregory project in Texas (Gregory) for gross proceeds of approximately $244 million. The Company's share of the Gregory Sale proceeds, net of project debt repayment, working capital adjustments and transaction expenses, is expected to be approximately $33 million. Closing of the Gregory Sale is expected to occur in the third quarter of 2013. Full Article
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Atlantic Power Corp
The Law Offices of Todd M. Garber announced that a class action lawsuit has been filed in the United States District Court for the District of Massachusetts on behalf of a class (the Class) comprising all purchasers of the common stock of Atlantic Power Corp between July 23, 2010 and March 4, 2013, inclusive (the Class Period). Atlantic Power operates as a power generation and infrastructure company with a portfolio of assets in the United States and Canada. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements or failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the Company and its President and Chief Executive Officer, Barry Welch, made false and misleading statements regarding the sustainability of Atlantic Power’s stock dividend, which was regarded by the Company as one of its corporate objectives. On February 28, 2013 the Company announced a reduction in the annual dividend level to Cdn$0.40 per share, or Cdn$0.03333 per share on a monthly basis. On this news, shares of the Company declined $2.85 per share, or 28.59%, to close on March 1, 2013 at $7.12 per share on unusually heavy volume, and further declined $1.21 per share, or 16.99%, to close on March 4, 2013 at $5.91 per share, also on unusually heavy volume. Full Article
Law Offices of Todd M. Garber Announces Investigation Of Atlantic Power Corp
The Law Offices of Todd M. Garber announced that it is investigating potential claims against Atlantic Power Corp concerning possible violations of federal securities laws. Atlantic Power operates as a power generation and infrastructure company with a portfolio of assets in the United States and Canada. The investigation is related to Atlantic Power’s February 26, 2013 announcement that it was cutting its monthly dividend starting in March 2013 by more than 50%. According to the Company, even though the February 2013 dividend was Cdn$0.09583, “the Board, with management’s recommendation, unanimously approved a reduction in the annual dividend level to Cdn$0.40 per share, or Cdn$0.03333 per share on a monthly basis.” On this news, Atlantic Power shares declined $2.85 per share, or 28.59%, to close on March 1, 2013 at $7.12 per share on unusually heavy volume, and further declined $1.21 per share, or 16.99%, to close on March 4, 2013 at $5.91 per share, also on unusually heavy volume. Full Article
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