SAN DIEGO, March 06, 2017 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in California on behalf of certain purchasers of shares of SeaWorld Entertainment Inc (NYSE:SEAS) over alleged Securities Laws Violations by SeaWorld Entertainment Inc.
Investors who purchased shares of SeaWorld Entertainment Inc (NYSE:SEAS) in the March 2013 initial public offering (“IPO”) or shortly thereafter have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 9, 2014, a lawsuit was filed against SeaWorld Entertainment Inc over alleged securities laws violations. The plaintiff claimed that SeaWorld Entertainment Inc failed to disclose in its IPO documents that it had improperly cared for and mistreated its Orca population which adversely impacted trainer and audience safety, that it continued to feature and breed an Orca that had killed and injured numerous trainers, and that consequently created material uncertainties and risks existing at the time of IPO that could adversely impact attendance at its family oriented parks. The plaintiff claimed that when details of the Company's alleged improper practices were revealed by the documentary film Blackfish, SeaWorld Entertainment Inc misled investors by claiming the decrease in attendance at its parks was caused by Easter holiday and other factors. The plaintiff asserted that the decline in attendance was really caused by the mounting negative publicity from the improper practices at SeaWorld Entertainment Inc that were revealed by the Blackfish film. On February 27, 2015 an amended complaint was filed and on May 29, 2015 the defendants filed their motion to dismiss the case. On March 31, 2016, the court granted the May 2015 defendants' motion to dismiss and dismissed all claims without prejudice. On May 31, 2016, a second amended consolidated complaint was filed and on June 29, 2016 the defendants filed their motion to dismiss the second amended consolidated complaint. In a tentative ruling on September 29, 2016, the court tentatively denied the June 2016 defendants’ motion to dismiss the case.
Those who purchased SeaWorld Entertainment Inc (NYSE:SEAS) shares should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.