Reddy Ice Holdings Inc. faces an ice jam of lawsuits from customers and shareholders related both to a federal antitrust investigation and its failed private equity buyout effort.

The Dallas-based ice maker, the nation's largest, is named in 70 suits that have been filed since a raid March 5 on its headquarters on Central Expressway and receipt of federal subpoenas in an investigation that alleges price fixing between Reddy Ice and its biggest rival, Arctic Glacier Inc.

The proliferation of suits isn't uncommon when the government starts this type of investigation, as attorneys jockey to be lead counsel if the suit receives class-action status. A hearing May 29 in Asheville, N.C., will determine where the lawsuits will be consolidated, said Barry Barnett, a Susman & Godfrey LLP attorney who represents clients in about 10 of the suits filed against the ice makers.

The suits point to the companies' strategy of acquiring smaller ice makers in order to control pricing and territory, and they accuse the companies of collusion to avoid competing with each other. The outcome of the antitrust investigation won't be known for some time.

Reddy Ice has acquired more than 100 competitors since 1997, the suits note, while Arctic has acquired more than 60 smaller distributors in the same time frame, according to the suits.

The legal troubles are among many concerns for Reddy Ice. The company's attempt to be bought out melted Jan. 31, its first-quarter earnings disappointed Wall Street, its shares have lost nearly half their value this year and it's hunting for a new chief executive.

The CEO search continues, and the company is cutting costs to try to improve performance, the company said through its attorney handling the lawsuits, Jim Nelson of DLA Piper's Dallas office.

The plaintiffs in the class-action suits vary from very large outlets to small convenience stores. Reddy Ice faces two suits from shareholders related to the termination of GSO Capital Partners' plans to take the company private for more than $1 billion.

Higher energy costs hurt Reddy Ice's earnings, contributing to its first-quarter loss of $3.3 million. This year's loss would have exceeded the year-ago loss of $10.2 million were it not for a $17 million one-time gain related to the failure of the GSO deal.

The costs of defending the class-action suits, shareholder suits and other legal expenses related to the antitrust investigation cast a cloud over the shares for analyst Mark Churchill of Piper Jaffray & Co. in Minneapolis, who lowered his price target and earnings outlook in a note to investors May 1. The company warned in its earnings release that the legal costs would be ongoing and could be significant. Mr. Churchill said he expects Reddy Ice to continue acquiring competitors despite its troubles.

Arctic Glacier, of Winnipeg, Manitoba, has received subpoenas related to the antitrust investigation but has not seen any sort of raid. It has said it will cooperate with U.S. officials in the investigation.

Reddy Ice shares closed Friday up 64 cents to $13.42. They have lost 47 percent of their value this year.