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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: gg cox who wrote (6682)	2/8/2004 9:01:57 PM
From: gg cox	Read Replies (1) \| Respond to of 11633

Old piggies might have some answering to do. Atlas Cold Storage hit with class action lawsuit TORONTO, Feb 6 (Reuters) - Lawyers filed a class action suit against Atlas Cold Storage Income Trust<FZR_u.TO> on Friday after an accounting scandal that forced the refrigerated warehouse operator to restate its financial results. The claim, filed in the Ontario Superior Court of Justice, seeks damages from Atlas's operating arm, several senior directors, officers and trustees of the income trust for "considerable losses" suffered by investors. No figure was given for damages sought. Officials at Atlas, North America's second-biggest cold storage operator, were not immediately available for comment. Atlas' auditor Ernst & Young LLP and Bank of Montreal <BMO.TO> brokerage unit BMO Nesbitt Burns, which was the lead underwriter for the income fund, were also named in the suit. Atlas released final restated financial results that were lower than expected last week after a company investigation found it had overstated earnings in 2001 and 2002. The company posted a loss of C$18.45 million for 2002 compared with previously reported profit of C$19 million. In 2001, it had profit of C$6.2 million, lower than the earnings of C$11.4 million it previously reported. Joseph Groia, lawyer for the plaintiff class, said the restatements had caused "Canadian investors to suffer considerable losses." "The purpose of this claim is to help those investors exercise their legal rights to recover those losses," he said in a statement. Neither Groia nor another lawyer for the plaintiff class were available for comment. Atlas shares were off 13 Canadian cents at C$6.00 on the Toronto Stock Exchange on volume of 795,057 shares. ($1=$1.33 Canadian) Copyright 2004, Reuters News Service