LOS ANGELES, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 7, 2020 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors who purchased or otherwise acquired Royal Caribbean Cruises Ltd. (“Royal Caribbean” or the “Company”) (NYSE: RCL) securities between February 4, 2020 and March 17, 2020, inclusive (the “Class Period”).
If you suffered a loss on your Royal Caribbean investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/royal-caribbean-cruises-ltd/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On February 25, 2020, Royal Caribbean disclosed that the COVID-19 pandemic would adversely impact its earnings by $0.90 per share.
On this news, the Company’s share price fell $12.55, or 14%, to close at $77.00 per share on February 27, 2020.
On March 10, 2020, Royal Caribbean withdrew its 2020 financial guidance, increased its revolving credit facility by $550 million, and announced that it would take cost-cutting actions due to the continued spread of COVID-19.
On this news, the Company’s share price fell $7.30, or 14%, to close at $44.37 per share on March 11, 2020.
On March 11, 2020, Royal Caribbean’s largest competitor, Carnival Corporation, announced a 60-day suspension of all operations, which prompted concerns that Royal Carribean’s safety procedures were not as “aggressive” as claimed. At the same time, Royal Caribbean also cancelled two cruises.
On this news, the Company’s share price fell $14.10, or 32%, to close at $30.27 per share on March 12, 2020.
On March 18, 2020, Stifel cut its one-year price target on Royal Caribbean from $161 to $40.
On this news, the Company’s share price fell $5.33, or 19% to close at $22.33 per share on March 18, 2020.
The complaint alleges that throughout the Class Period, the Defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's decrease in bookings outside China and its faulty policies and procedures to prevent the circulation of COVID-19 on its cruise ships. Specifically, regarding worldwide bookings, Royal Caribbean made announcements that: (1) misled investors to believe that any issue related to COVID-19 was relatively insignificant; (2) falsely assured investors that bookings outside China were strong with no signs of a slowdown; and (3) failed to disclose that the Company was undergoing material declines in bookings globally due to customer concerns over COVID-19.
Additionally, regarding safety procedures, the Company made announcements that: (1) falsely assured investors that it implemented rigorous safety procedures; (2) such procedures were expected to ultimately contain the circulation of COVID-19; and (3) failed to disclose that its cruise ships were following grossly inadequate procedures that would facilitate the circulation of COVID-19 and pose a substantial risk to passengers and crews; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased Royal Caribbean securities during the Class Period, you may move the Court no later than December 7, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles H. Linehan, 310-201-9150 or 888-773-9224
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
www.glancylaw.com
shareholders@glancylaw.com