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Atlantic Power Corporation
This is a shareholder class action that alleges, among other things, Atlantic Power Corporation and certain of the company’s senior officers failed to disclose adverse information about the re-contracting progress of long-term power purchase agreements, failed to disclose the company’s declining profitability, misrepresented the sustainability of the company’s cash available for distribution and misrepresented the company’s financial condition and results of operations. Among other relief, the action claims $208.5 million in damages.
The proposed class of persons in this class action generally includes persons and entities who acquired the common shares or debentures of Atlantic Power Corporation from November 5, 2012 to February 28, 2013.
If you acquired Atlantic Power Corporation’s 6.00% Convertible Debentures in the prospectus offering that occurred in December 2012, please call our toll free number 1-855-595-2626.
Koskie Minsky LLP, Sutts, Strosberg LLP, Groia & Company Professional Corporation and Morganti Legal, P.C. represent the proposed representative plaintiffs in this action.
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Latest Developments
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January 14, 2016
The appeal was abandoned and the action was dismissed with prejudice. A copy of the order approving the settlement is available here.
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October 5, 2015
The plaintiffs have appealed. A date for the hearing of the appeal has not yet been set.
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July 31, 2015
Justice Belobaba released his decision in this matter denying the plaintiffs’ motion for certification and leave. A copy of the decision is available here.
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May 21, 2015
The Plaintiffs’ motion for certification and leave was heard on May 20 and 21, 2015. Justice Belobaba has reserved his decision.
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January 12, 2015
The Plaintiffs and the Defendants have amended the timetable for the Plaintiffs’ motions for certification and leave:
April 3, 2015 Plaintiffs’ Factum April 25, 2015 Defendants’ Factum May 12, 2015 Reply Factum May 20-21, 2015 Leave and Certification Hearing -
December 3, 2014
The Plaintiffs and Defendants have delivered their motion records for the motion for leave and certification.
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November 12, 2013
The Plaintiffs and the Defendants have amended the timetable for the Plaintiffs’ motions for certification and leave:
June 30, 2014 Defendants’ Responding Materials on the
Certification and Leave Motion:October 31, 2014 Plaintiffs’ Reply Record November 7, 2014 Draft Statements of Defence if required December 19 2014 Cross-Examinations to be completed February 6, 2015 Plaintiffs’ Factum March 6, 2015 Defendants’ Factum March 20, 2015 Reply Factum Week of March 30, 2015 Leave and Certification Hearing -
June 20, 2013
Koskie Minsky LLP, Sutts, Strosberg LLP, Groia & Company Professional Corporation and Morganti Legal, P.C. have assumed carriage of this action.
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May 2, 2013
The proposed representative plaintiffs issued the Statement of Claim in this action. A copy of the statement of claim is available here.
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April 3, 2013
Siskinds LLP, Koskie Minsky LLP and the Law Office of Andrew J. Morganti, JD, LL.M today announced the filing in the Ontario Superior Court of Justice of a proposed class action against Atlantic Power Corporation (TSX: “ATP”; NYSE: “AT”), and certain of the company’s senior officers. A copy of the press release announcing the filing of the claim is available here.
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January 14, 2016
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News Releases and Reports
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Documents
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FAQS
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.
What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.
How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
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