The PennZone

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

• OneVizion Launches Vera AI, Bringing Connected Operational Context to Infrastructure Teams
• P-Wave Press Announces Pushing the Wave 2025 by L.A. Davenport
• DONGSHENG Titanium Recycling: Promoting a Closed-Loop Cycle for High-End Titanium Materials
• French Camp Academy Releases New Video Inviting Individuals to Consider a Life of Service
• LET US READ Documentary on Dyslexia and Literacy to Screen at TCL Chinese 6 in Hollywood

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

• Defense & Space Strategy Strengthens as New Leadership Builds on NASA Results and Expanding Multi-Orbit Opportunities for Ascent Solar Technologies
• STS Capital Partners is pleased to announce the appointment of Barry Brown as Vice President, Business Development
• Qscription Technologies and NEOPATHOLOGY CORP. Sign MOU to Bring FDA-Cleared Lung Imaging AI into U.S. Clinical Practice
• New Bethany's 35th Annual Souper Day to Spotlight Connection Between Health, Hunger and Housing
• Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow

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.

---

Show All News | Disclaimer | Report Violation