SeaWorld securities fraud lawsuit dismissed
Sunday, 13 Apr, 2016
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A judge has dismissed a lawsuit against SeaWorld Entertainment alleging the company misled investors over the true cost of the impact of the documentary ‘Blackfish.’
US district judge Michael Anello said the plaintiffs failed to show sufficient evidence that SeaWorld executives had made false statements and also knew the ‘Blackfish’ fallout had directly caused a decline in attendances at its parks.
"As currently pleaded, plaintiffs’ attendance allegations are insufficient to demonstrate that a material misrepresentation or omission regarding Blackfish caused attendance to decline at all SeaWorld Entertainment parks," the judge wrote.
The action was brought by two pension retirement programs on behalf of all investors who had bought shares after SeaWorld’s public offering in April 2013.
The lawsuit claimed former CEO James Atchison and other SeaWorld executives tried to hide the true reason for attendance decline by blaming bad weather and a new pricing structure rather than anti ‘Blackfish’ sentiment.
In the filing plaintiffs said competitors Disney and Universal faced similar problems regarding weather and pricing but saw attendances rise.
Judge Anello dismissed this argument as weather conditions may affect Seaworld more as it houses live animals and growth at Disney and Universal could be attributed to new rides and attractions rolled out at the time.
Many of the executive team named in the lawsuit have since left SeaWorld.
"We are pleased with the court’s decision to dismiss the case at this stage," said Seaorld spokeswoman Aimee Jeansonne Becka.
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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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