NEW YORK, Sept. 10, 2014 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announces that a class action lawsuit has been filed against SeaWorld Entertainment, Inc. ("SeaWorld") (NYSE:SEAS), and certain of its officers, in the United States District Court for the Southern District of California, on behalf of all persons who purchased shares of SeaWorld common stock on or in connection with its April 18, 2013, initial public offering as well as for those shareholders who purchased shares from April 18, 2013 through August 13, 2014 (the "Class Period"). The lawsuit seeks to recover damages for SeaWorld shareholders under the federal securities laws.
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.
If you purchased shares of SeaWorld during the Class Period and suffered significant losses on your investment, and wish to discuss this matter at no cost or expense, please contact Tripp Levy PLLC via e-mail at contact@tripplevy.com or call us toll free at 1-800-511-7037 or visit our website at www.tripplevy.com.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm with offices across the country representing both individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.