Do you know the basis of the suit? The board of directors have the right and responsibility to change the dividend whenever they choose. I don't follow CTL in detail but I was wondering if the suit claims that the BOD issued public statements about maintaining their dividend while at the same time planning to institute their dividend cut/buy back strategy. These lawsuits are not uncommon whenever a BOD decision results in a stock price decline. On the surface, I don't think this lawsuit would have any impact on the "invest or not invest" decision for CTL.
I didn't & do not own CTL. The day they suddenly & without any prior indication
of huge div.cut caused price to drop nearly 20%. A tremendous loss to share
hiolders incl many retirees counting on the div. The disgusting thing is the
unethical & underhanded way it was done.UNSCRUPULOUS mgt no better than
the [JAILED] Enron crooks .Mgt had EVERY duty to warn stkhldrs BEFOREHAND.
These arrogant, haughty aristocrat overpaid BUMS should rot in hell