CLEVELAND, Ohio — A federal lawsuit that alleges Six Flags misled investors about park conditions before its merger comes at a time when the amusement park giant faces major financial setbacks.

The lawsuit, filed in federal court last week, highlights the company’s ongoing struggles. The owner of Cedar Point is more than $5 billion in debt and is facing steep declines in attendance and revenue.

The document alleges that shortly after the merger became official, Six Flags reported a sharp rise in operating costs and disappointing earnings. The filing indicates that it was because of long-neglected maintenance and underinvestment at legacy parks.

In a report filed with the U.S. Securities and Exchange Commission last week, the company said preliminary attendance for the five-week period e

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