A shareholder lawsuit alleges Dynagas kept up a lie for roughly a year that it had the cash flow to support its dividend to buoy up its share price and keep from diluting the founding family’s stake.
The lawsuit, filed in a US federal court in Manhattan by shareholder Mario Epelbaum, accuses the New York-traded LNG carrier owner of obscuring the fact it had taken lower charter rates for two of its six ships, negatively affecting cash flows.
