SeaWorld escapes DOJ action over alleged misleading ‘Blackfish’ statements
The U.S. Department of Justice will not pursue criminal charges against SeaWorld Entertainment Inc
In its latest filing with the U.S. Securities and Exchange Commission, SeaWorld said the DOJ ‘does not intend to take any action against the Company or any individuals in connection with the investigation.’
The DOJ opened an investigation more than a year ago over allegations SeaWorld executives fraudulently misled investors by continuing to deny there was any material impact on the business from the damaging ‘Blackfish’ documentary of 2013.
Then-CEO James Atchison rejected there was any negative impact on the brand’s bottom line or reputation.
In 2014, SeaWorld officials eventually acknowledged there had been a ‘Blackfish’ backlash, which resulted in its stock price sinking by nearly one third.
The company paid $4 million to the SEC to settle a civil complaint, and Atchison paid a $1 million penalty.
An additional class action lawsuit filed by disgruntled shareholders is still ongoing, alleging they lost millions due to SeaWorld’s misleading statements following the ‘Blackfish’ fallout.
A trial date is tentatively set for June 2019.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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