Trending...
- NYC Composer/Educator Launches Debut Children's Book to Fantastic Reviews
- NEW MANAGEMENT BOOK: Creating a Joy-Centric Culture
- Why We're Holding the Line on Pricing
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Royal Caribbean Cruises Ltd. ("Royal Caribbean" or the "Company") (NYSE: RCL) securities between February 4, 2020 and March 17, 2020, inclusive (the "Class Period"). Royal Caribbean investors have until December 7, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Royal Caribbean investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 25, 2020, Royal Caribbean disclosed that the COVID-19 pandemic would adversely impact its earnings by $0.90 per share.
On this news, the Company's share price fell $12.55, or 14%, to close at $77.00 per share on February 27, 2020.
On March 10, 2020, Royal Caribbean 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 continued spread of COVID-19.
More on The PennZone
On this news, the Company's share price fell $7.30, or 14%, to close at $44.37 per share on March 11, 2020.
On March 11, 2020, Royal Caribbean's largest competitor, Carnival Corporation, announced a 60-day suspension of all operations, which prompted concerns that Royal Carribean's safety procedures were not as "aggressive" as claimed. At the same time, Royal Caribbean also cancelled two cruises.
On this news, the Company's share price fell $14.10, or 32%, to close at $30.27 per share on March 12, 2020.
On March 18, 2020, Stifel cut its one-year price target on Royal Caribbean from $161 to $40.
On this news, the Company's share price fell $5.33, or 19% to close at $22.33 per share on March 18, 2020.
The complaint filed in this class action alleges that throughout the Class Period, the Defendants made false and/or misleading statements and failed to disclose material adverse facts about Royal Caribbean's decrease in bookings outside China and its faulty policies and protocols to prevent the spread of COVID-19 on its ships. Specifically, regarding global bookings, Royal Caribbean made statements that: (1) misled investors to believe that any issue related to COVID-19 was relatively inconsequential; (2) falsely assured investors that bookings outside China were robust with no signs of a slowdown; and (3) failed to disclose that Royal Caribbean was undergoing material declines in bookings worldwide due to client concerns over COVID-19.
More on The PennZone
Furthermore, regarding safety protocols, the Company made statements that: (1) falsely assured investors that it implemented thorough safety protocols; (2) such measures were expected to ultimately contain the spread of COVID-19; and (3) failed to disclose that its ships were following grossly inadequate procedures that would enable the spread of COVID-19 and pose a substantial risk to passengers and crews; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Royal Caribbean securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Investors suffering losses on their Royal Caribbean investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On February 25, 2020, Royal Caribbean disclosed that the COVID-19 pandemic would adversely impact its earnings by $0.90 per share.
On this news, the Company's share price fell $12.55, or 14%, to close at $77.00 per share on February 27, 2020.
On March 10, 2020, Royal Caribbean 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 continued spread of COVID-19.
More on The PennZone
- GDE Tree Services Expands Operations into Sydney, NSW
- Tuckwell Machinery Expands CNC Range to Support Australian Cabinet Makers
- The Inner Power of Emotional Self-Leadership
- Dr. Nadene Rose Shares the Secret to True Success: Faith, Obedience, and Divine Purpose
- Best Companies Group Opens Free Registration for Best Places to Work in Insurance Program
On this news, the Company's share price fell $7.30, or 14%, to close at $44.37 per share on March 11, 2020.
On March 11, 2020, Royal Caribbean's largest competitor, Carnival Corporation, announced a 60-day suspension of all operations, which prompted concerns that Royal Carribean's safety procedures were not as "aggressive" as claimed. At the same time, Royal Caribbean also cancelled two cruises.
On this news, the Company's share price fell $14.10, or 32%, to close at $30.27 per share on March 12, 2020.
On March 18, 2020, Stifel cut its one-year price target on Royal Caribbean from $161 to $40.
On this news, the Company's share price fell $5.33, or 19% to close at $22.33 per share on March 18, 2020.
The complaint filed in this class action alleges that throughout the Class Period, the Defendants made false and/or misleading statements and failed to disclose material adverse facts about Royal Caribbean's decrease in bookings outside China and its faulty policies and protocols to prevent the spread of COVID-19 on its ships. Specifically, regarding global bookings, Royal Caribbean made statements that: (1) misled investors to believe that any issue related to COVID-19 was relatively inconsequential; (2) falsely assured investors that bookings outside China were robust with no signs of a slowdown; and (3) failed to disclose that Royal Caribbean was undergoing material declines in bookings worldwide due to client concerns over COVID-19.
More on The PennZone
- Understanding Unexpected Death: Why Independent Autopsies Matter in Cases Without Clear Cause
- Epic Pictures Group Sets North American Release Date for the Thriller NO ORDINARY HEIST
- Mobile Copywriter Celebrates 13 Years of Content Creation and SEO Services
- Award-Winning REALTOR® Paige Coker Joins Corcoran DeRonja Real Estate
- Over 98% of crypto owners globally don't declare taxes, new report find
Furthermore, regarding safety protocols, the Company made statements that: (1) falsely assured investors that it implemented thorough safety protocols; (2) such measures were expected to ultimately contain the spread of COVID-19; and (3) failed to disclose that its ships were following grossly inadequate procedures that would enable the spread of COVID-19 and pose a substantial risk to passengers and crews; and (4) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Royal Caribbean securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Filed Under: Business
0 Comments
Latest on The PennZone
- EFA Announces 2026 Editorial Rate Chart
- Red5 Taps PubNub to Power the Next Era of Real-Time Interactive Streaming
- Shoutout Joseph Neibich aka Nybyk
- Meet Joseph Neibich aka Joseph Nybyk of Beachwood Canyon
- LARUS Launches Business Continuity Framework for IPv4-Dependent Networks
- KeysCaribbean Offers 'Skip-the-Crowds' Savings With 15 Percent Off April Stays
- Supply & Demand Chain Executive Names Puga Sankara as Recipient of 2026 Pros to Know Award
- Why We're Holding the Line on Pricing
- Moravian Academy Announces New Full-Tuition Impact Scholarship for Upper School Students
- AI Disruption Meets Marine Scale: Off The Hook YS, Inc. (N Y S E American: OTH) Targets Breakout Growth with NextBoat Launch and Aggressive Expansion
- Targeting the Billion-Dollar U.S. Countermeasure Market With AI-Driven Biodefense Platform: Lunai Bioworks (N A S D A Q: LNAI)
- National Focus Turns to Global Conflict, Families of Veterans Lost to Suicide Call for Recognition
- New Global Standard for Transparency Across Critical Resources and Energy Markets: SMX (Security Matters) PLC (N A S D A Q: SMX)
- Forced Psychiatric Hospitalization Fails Vulnerable People: CCHR Urges Repeal Amid Rising U.S. Policies
- Surging Into High-Performance AI With $AMD Partnership, Patent Expansion, and Strengthened Balance Sheet: Avalon GloboCare Corp. (N A S D A Q: ALBT)
- ATTAIN Profiles the Invisible Billionaire Who Started With $75 and Died the Richest Man in A
- Kiko Nation Launches Mobile App to Modernize Livestock Management and Digital Animal Registry
- NEW MANAGEMENT BOOK: Creating a Joy-Centric Culture
- QuickTrack by Datalex Transforms Retail Promoter Management with Claude AI and Real-Time Insights
- Kaltra Introduces Seasonal Discounts on Replacement Coils for Carrier, York, and Trane Chillers