General Electric ( GE) says its recently cut dividend and loss of its triple-A credit rating have not eaten away at its large base of retail investors. A GE spokeswoman told TheStreet.com that, as of last week, a healthy 40% of GE's shareholders are retail investors. That is the same percentage of retail shareholders GE said it had at the end of the fourth quarter, but analysts expect the stock's popularity among small investors could begin to wane. "It is likely that as they have lowered the dividend, they become a less attractive retail holding for folks. Much of their retail base held it as a dividend stock," says Steve Winoker, analyst with Sanford C. Bernstein & Co. As TheStreet.com pointed out last month, many of General Electric's retail investors may now be rather unhappy with CEO Jeff Immelt for saying in January the firm had no plans to cut its dividend, only to turn around and cut it less than two months later. Some of them are now suing GE, which has said it gave fair warning in February. Samuel Rosen, an attorney with Harwood Feffer who is representing several litigants, says he has never heard from so many aggrieved shareholders ready to sign onto the lawsuit. "Usually we get emails about how awful we are and, 'Why are you trying to hurt the company?," Rosen says. "This time people like us. They really like us." Rosen shared with TheStreet.com several email messages his firm received from aggrieved GE shareholders.