Two more law firms announced last week that they're suing Atlantic Power 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.
The article 2 More Law Firms File Suit Against Atlantic Power originally appeared on Fool.com.
Fool contributor Justin Loiseau has no position in any stocks mentioned, but he does use electricity. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.