SAN FRANCISCO, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, reminds investors of the upcoming November 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") are encouraged to 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 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) its mistreatment of its captive orca population that in turn threatened 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 would have a significant negative impact on park attendance and revenues. In spite of knowledge of these risks, allegedly, SeaWorld rushed into its IPO and hid 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. 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 the news, SeaWorld shares tumbled 33% to close at $18.90, their lowest price since the IPO. Before August 13, SEAS had retreated 23% since the release of Blackfish.
"The 'Blackfish Effect' harmed and continues to harm SeaWorld's investors," said Mr. Kathrein. "Yet the Company concealed this information to allow insiders to profit at the expense of shareholders."
For more analysis about the SeaWorld case see our discussion at http://www.meaningfuldisclosure.com.
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.
Whistleblowers: 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.
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