We present continuous , high-precision photometric monitoring data with 1 minute cadence of the dM3e flare star AD Leo with the MOST satellite .
We observed 19 flares in 5.8 days , and find a flare frequency distribution that is similar to previous studies .
The light curve reveals a sinusoidal modulation with period of 2.23 ^ { +0.36 } _ { -0.27 } days that we attribute to the rotation of a stellar spot rotating into and out of view .
We see no correlation between the occurrence of flares and rotational phase , indicating that there may be many spots distributed at different longitudes , or possibly that the modulation is caused by varying surface coverage of a large polar spot that is viewed nearly pole-on .
The data show no correlation between flare energy and the time since the previous flare .
We use these results to reject a simple model in which all magnetic energy is stored in one active region and released only during flares .