Safirstein Metcalf LLP Updates Investors of SeaWorld Entertainment, Inc. – SEAS


NEW YORK, June 28, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP updates investors in SeaWorld Entertainment Inc. (“SeaWorld” or the “Company”) (NYSE:SEAS) with regard to the pending shareholder class action in California and the recent disclosure by the Company about the Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) investigation regarding the impact of the “Blackfish” documentary.

On June 23, 2017, SeaWorld disclosed that it had received subpoenas from both the U.S. Department of Justice and the Securities and Exchange Commission in connection with investigations "concerning disclosures and public statements made by the Company and certain executives … including those regarding the impact of the 'Blackfish' documentary, and trading in the Company's securities."

On this news, SeaWorld's stock has fallen in after-hours trading, causing tens of millions in losses to shareholders.

If you purchased shares of SeaWorld and have questions about your legal rights, please call 1-800-221-0015, or email info@SafirsteinMetcalf.com.

On September 9, 2014, a shareholder class action lawsuit was filed against SeaWorld over alleged securities laws violations. The complaint alleges that SeaWorld 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 material uncertainties and risks existing at the time of the IPO could adversely impact attendance at its family oriented parks. When details of the Company's alleged improper practices were revealed by the documentary film “Blackfish”, SeaWorld misled investors by claiming the decrease in attendance at its parks was caused by the Easter holiday and other factors. The complaint alleges that the decline in attendance was really caused by the mounting negative publicity from the improper practices at SeaWorld Entertainment Inc. that were revealed by the “Blackfish” film.

On February 27, 2015 an amended complaint was filed and on May 29, 2015 the defendants filed their motion to dismiss the case. On March 31, 2016, the court granted the May 2015 defendants' motion to dismiss and dismissed all claims without prejudice. On May 31, 2016, a second amended consolidated complaint was filed on behalf of all persons and entities who purchased or otherwise acquired the publicly traded common stock of SeaWorld between August 29, 2013 and August 12, 2014, inclusive (the “Class Period”).  On June 29, 2016 the defendants filed their motion to dismiss the second amended consolidated complaint. In or about September 2016, the court denied the June 2016 defendants’ motion to dismiss the case.

About Safirstein Metcalf LLP

Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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