SeaWorld Entertainment Inc (NYSE: SEAS) Investor Securities Class Action Lawsuit 09/09/2014

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Company Name(s): 
SeaWorld Entertainment
Case Name: 
SeaWorld Entertainment Shareholder Class Action Lawsuit 09/09/2014
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SEAS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/09/2014
Class Period Begin: 
04/18/2013
Class Period End: 
08/12/2014
Court of Filing: 
U.S. District Court for the Southern District of California
Deadline To File for Lead: 
11/11/2014
Summary: 

June 29, 2016 - Defendants filed a motion to dismiss.

May 31, 2016 - The lead plaintiffs filed a second amended consolidated complaint.

March 31, 2016 - The court granted defendants' motion to dismiss and dismissed all claims without prejudice.

May 29, 2015 - Defendants filed a motion to dismiss.

February 27, 2015 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased SeaWorld Entertainment Inc (NYSE: SEAS) common shares between April 18, 2013 and August 12, 2014 or purchased or otherwise acquired SeaWorld Entertainment Inc (NYSE: SEAS) common shares pursuant or traceable to the materially false and misleading Registration Statements and Prospectuses issued in connection with the Initial Public Offering that occurred on or about April 18, 2013 or the Secondary Public Offering that occurred on or about December 12, 2013 and April 4, 2014. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934.

December 11, 2014 - The lead plaintiff and lead counsel were appointed.

November 10, 2014 - Lead plaintiff motions were filed.

September 9, 2014 - An investor in shares of SeaWorld Entertainment Inc (NYSE: SEAS), filed a lawsuit in the U.S. District Court for the Southern District of California against SeaWorld Entertainment Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 18, 2013 through August 13, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of SeaWorld Entertainment Inc’s (NYSE: SEAS) stock in its April 18, 2013, initial public offering (“IPO”) or on the open market from April 18, 2013 through August 13, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that SeaWorld Entertainment Inc allegedly 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 it consequently created material uncertainties and risks existing at the time of IPO that could adversely impact attendance at its family oriented parks.

SeaWorld Entertainment Inc went public in April 2013 and shares of SeaWorld Entertainment Inc (NYSE: SEAS) reached $38.88 per share in May 2013.

On March 13, 2014, SeaWorld Entertainment Inc announced “record” fully year 2013 result. SeaWorld Entertainment Inc reported that its Total Revenue rose from over $1.42 billion in 2012 to over $1.46 billion in 2013 and that its Net Income declined from $77.44 million in 2012 to $50.48 million in 2013.

On April 3, 2014, SeaWorld Entertainment Inc announced the pricing of its secondary offering.

On May 14, 2014, SeaWorld Entertainment Inc reported its first quarter 2014 results. SeaWorld Entertainment Inc reported that its first quarter Revenue declined from $238.61 million in 2013 to $212.29 million in 2014 and that its first quarter Net Loss increased from $40.36 million in 2013 to $49.43 million in 2014.

The plaintiff claims that that when details of the Company's alleged improper practices were revealed by the documentary film Blackfish, SeaWorld Entertainment Inc allegedly misled investors by claiming the decrease in attendance at its parks was caused by Easter holiday and other factors. The plaintiff asserts that the decline in attendance was really caused by the mounting negative publicity from the alleged improper practices at SeaWorld Entertainment Inc that were revealed by the Blackfish film.

On August 13, 2014, SeaWorld Entertainment Inc reported its second quarter 2014 results. Among other things, SeaWorld Entertainment Inc disclosed that its second quarter Revenue declined from $411.3 million in 2013 to $405.2 million in 2014 and issued its guidance for the full year of 2014.

Shares of SeaWorld Entertainment Inc (NYSE: SEAS) declined to as low as $17.83 per share on August 14, 2014.

On September 9, 2014, NYSE: SEAS shares closed $20.44 per share.