SAN FRANCISCO, Oct. 6, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, advises investors of the Nov. 10, 2014 lead plaintiff deadline in the securities fraud class action against SeaWorld Entertainment, Inc. (NYSE:SEAS) ("SeaWorld" or "the Company").
Investors who purchased SeaWorld securities between April 18, 2013 and August 13, 2014 (the "Class Period") should contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing SEAS@hbsslaw.com or visiting http://hb-securities.com/investigations/SEAS.
The complaint, filed in the Southern District of California on September 9, 2014, and docketed as 3:14cv02129 alleges that leading up to its April 18, 2013 initial public offering SeaWorld failed to disclose information related to its captive orca population. According to the lawsuit, SeaWorld concealed from investors (i) that it mistreated its captive orca population, which in turn impacted the safety of trainers and audiences; (ii) that SeaWorld based its breeding program on a single male orca, who had killed and injured several trainers; and (iii) that these factors opened the Company to increased risks and material uncertainties that could have a significant negative impact on attendance and revenues at its theme parks. In spite of knowledge of these risks, allegedly, SeaWorld rushed into its IPO while hiding critical information from investors.
The lawsuit alleges that when SeaWorld's improper practices were revealed in the film Blackfish, SeaWorld further misled investors by denying the impact of the film on attendance and revenue at its parks. In fact, the company did not acknowledge the so-called 'Blackfish Effect' until August 13, 2014 in spite of a continued downturn in park attendance throughout the class period. On this news, SeaWorld shares tumbled 33% to close at $18.90, their lowest price since they started trading in April 2013. Before August 13, SEAS had retreated 23% since the release of Blackfish.
"It is clear that SeaWorld knew that the movie Blackfish would be broadly released after their IPO and understood its potential to substantially impact attendance," said Mr. Kathrein. "Keeping this information private allowed the insiders to bail out at the expense of public investors."
If you suffered a loss from your investment in SeaWorld securities purchased on or after April 18, 2013 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action.
Persons with non-public information regarding SeaWorld should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email SEAS@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter.
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