Lawsuit filed for Investors in shares of Royal Caribbean Group (NYSE: RCL)
A lawsuit was filed on behalf of investors in Royal Caribbean Group (NYSE: RCL) shares over alleged securities laws violations.
An investor, who purchased shares of Royal Caribbean Group (NYSE: RCL), filed a lawsuit in the U.S. over alleged violations of Federal Securities Laws by Royal Caribbean Group.
Investors who purchased shares of Royal Caribbean Group (NYSE: RCL) have certain options and for certain investors are short and strict deadlines running. Deadline: December 7, 2020. NYSE: RCL investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
Miami, FL based Royal Caribbean Group operates as a cruise company. Royal Caribbean Group is the world’s second largest cruise company. Following the outbreak of COVID-19 in China, cruise companies, including Royal Caribbean Group, began to cancel voyages in that region, and customer bookings were declining globally as vacationers worried about the global spread of the virus.
On February 13, 2020, Royal Caribbean Group issued a press release stating that it had canceled 18 voyages in Southeast Asia due to recent travel restrictions and further warning that recent bookings had been softer for its broader business.
On February 25, 2020, Royal Caribbean Group filed its 2019 Form with the SEC indicating that COVID-19 concerns were negatively impacting its overall business.
On March 10, 2020, Royal Caribbean Group withdrew its 2020 financial guidance, increased its revolving credit facility by $550 million, and announced that it would take cost-cutting actions due to the proliferation of COVID-19, further revealing that COVID-19 was severely impacting Royal Caribbean’s 2020 customer booking and that its safety measures were inadequate to prevent the spread of the virus on its ships.
On March 11, 2020, Royal Caribbean Group’s largest competitor, Carnival, announced a 60-day suspension of all operations, prompting concern that Royal Caribbean would follow suit. At the same time, Royal Caribbean also cancelled two cruises, beginning a series of cancellations and suspensions to follow.
On March 14, 2020, Royal Caribbean Group announced a suspension of all global cruises for 30 days.
On March 16, 2020, Royal Caribbean Group revealed that global operations could be suspended longer than anticipated, announcing the cancellations of two additional cruises throughout April and into May.
On March 18, 2020, analysts downgraded Royal Caribbean’s stock and slashed their price targets.
Shares of Royal Caribbean Group (NYSE: RCL) declined from $135.32 per share in mid January 2020 to as low as $19.25 per share on March 18, 2020.
The plaintiff claims that between February 4, 2020 and March 17, 2020, the Defendants failed to disclose material facts about the Company’s decrease in bookings outside China, instead maintaining that it was only experiencing a slowdown in bookings from China, and that Defendants failed to disclose material facts about the Company’s inadequate policies and procedures to prevent the spread of COVID-19 on its ships.
Those who purchased shares of Royal Caribbean Group (NYSE: RCL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
E-Mail: [email protected]
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
This release was published on openPR.
Originally Published on : https://www.openpr.com/news/2161369/lawsuit-filed-for-investors-in-shares-of-royal-caribbean-group
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