Shareholders Sue Continental: According to a lawsuit...

Shareholders Sue Continental: According to a lawsuit filed in U.S. District Court in New York, Continental Airlines officials made misleading comments about the troubled carrier’s plans to seek bankruptcy protection in an effort to prop up its stock value. Former Chairman Frank Lorenzo and others artificially inflated the market price of Continental stock by denying in interviews with the news media that the carrier was considering filing for bankruptcy protection, according to the lawsuit filed on behalf of shareholders. Art Kent, a spokesman for the carrier, said, “As far as this airline is concerned, that suit is utterly without merit.” Continental filed for Chapter 11 protection Monday.