It could just be somewhere that was abandoned due to volcanic activity or something like that and was rediscovered with a different name. That has happened with a lot of places, apparently.
I watched a really interesting program on the History Channel, and it had some legit evidence that a lost city (not necessarily Atlantis) did exist. Who knows? We've only explored like a tiny bit of the Ocean, as technology advances, who knows what else we will find? So I think until stuff like this is proven not to exist, people shouldn't go round saying it doesn't.