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American Tower Corporation Sued Over Stock Price

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At a glance:

A class action suit has been filed against American Tower Corporation, a Boston communications company. Plaintiffs are investors who purchased shares between February 1, 2006 and May 24, 2006. 
 
The claim is that the company made false and misleading statements for the purpose of artificially inflating the stock price. Backdating of stock options is part of the allegations as well. 
 
The stock lost more than 10% of its value in May 2006.

Lovell Stewart Halebian LLP Files Class Action Suit against ...

Finanzen.net - 5/30/2006 6:42 PM

Lovell Stewart Halebian LLP has filed a class action complaint, as amended, in the United States District Court for the District of Massachusetts on behalf of all who purchased shares and/or sold put contracts of American Tower Corporation (NYSE: AMT)("American Tower" or the "Company") between February 1, 2006 through May 24, 2006, inclusive (the "Class Period").
 
The lawsuit alleges that American Tower and two of its officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ("Exchange Act"). American Tower is a wireless and broadcast communications infrastructure company that is located in Boston, Massachusetts
 
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