NEW YORK, Sept. 9, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm announces that it has filed a class action lawsuit against SeaWorld Entertainment, Inc. (NYSE:SEAS) on behalf of purchasers of the Company's stock in its April 18, 2013, initial public offering or on the open market from April 18, 2013 through August 13, 2014. The lawsuit seeks to recover damages for SeaWorld shareholders under the federal securities laws.
To join the SeaWorld class action, go to the website at http://rosenlegal.com/cases-335.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or jstern@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Southern District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, Sea World failed to disclose in its IPO documents that it (a) had improperly cared for and mistreated its Orca population which adversely impacted trainer and audience safety; (b) continued to feature and breed an Orca that had killed and injured numerous trainers; and (c) consequently created material uncertainties and risks existing at the time of IPO that could adversely impact attendance at its family oriented parks. The lawsuit claims that when details of the Company's improper practices were revealed by the documentary film Blackfish, SeaWorld misled investors by claiming the decrease in attendance at its parks was caused by Easter holiday and other factors. The complaint asserts that the decline in attendance was really caused by the mounting negative publicity from the improper practices at SeaWorld that were revealed by the Blackfish film.
On August 13, 2014, the price of SeaWorld Stock dropped by $9.25 per share, or 32.9%. This drop followed SeaWorld's announcement of earnings for the second quarter of 2014, where it revealed that revenues fell year over year and acknowledged for the first time that its earnings difficulties were related to negative publicity it has received in connection with its treatment of animals.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2014. If you wish to join the litigation go to http://rosenlegal.com/cases-337.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or jstern@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.