Trending...
- Arizona Pest Control Surpasses $200,000 in Contributions to Southern Arizona High School Sports and Education Programs
- OncoBeta Introduces Rhenium-SCT for Non-Melanoma Skin Cancer at Theageneio Cancer Hospital of Thessaloniki
- TrueNorth Wellness Services Expands Rural Behavioral Health Care in Fulton County with Technology
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
- Christmas Beats Summer in Paris: Travel Photoshoots Peak on Dec. 30
- Qscription Technologies Welcomes Joanna Krause, MD, MRMD to Its Clinical Advisory Board
- Jamie Foxx's SKVLK Fest Sets the Record Straight on Stabbing Reports Following Star-Studded Celebration
- Coach Bulinda Wright Advances To Top Five In National 'Top Host 2026 Competition'
- Andrew Balzano Releases One of My Life's Passions: Classics and Mysteries, a Fan's Guide to Great Mysteries Worth Rewatching
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
- Feldman Shepherd Named as 2027 'Best Law Firm' by Best Lawyers -- Tier 1 National & Philadelphia
- The 4th Annual Newark Summit for Economic Development, Placemaking & Innovation Returns on December 8th
- Corner Property Management AAMC Awarded Community Management Contract for Belvidere at Doyle Square
- Romanian Software Company ASSIST Software Ranks Second Nationally Among Large Enterprises in Its Category
- TrueDriveCost Launches Free Calculators for the Real Cost of Owning a Car
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
- ZenaTech (NAS DAQ: ZENA) $1 Million in New Utility Contracts- Potential $2.5 Million Follow-On Opportunity Puts Its Drone Business in the Spotlight!
- New Patient Data Show REQORSA® Activating Cellular Repair Pathways as Roche Collaboration Advances Precision Lung Cancer Strategy for Genprex, Inc
- Genuine Hospitality, LLC Selected to Operate Holiday Inn Express & Suites Jacksonville – Town Center
- AI Trading Agents Analyze Pharmaceutical Stocks as Biotech Innovation Draws Attention (LLY, GILD, BSX, AZN, ABBV, MRNA)
- Shiokly Launches Online Marketplace to Help Singapore Home-Based Businesses Sell More, With First Product Listed Free
- Freight Broker 911 and Milton Collier Introduce "What's The 911?"—A New Podcast Built on Real Talk, Real Freight, and Real Opportunity
- PropAccount.com Launches PropWallet, Turning Prop Firm Payouts Into Repeat Sales
- Hope Survives Announces Hidden Impact, Its Second Brain Injury Podcast
- Household Staffing Recognized as Principal Benefactor of the Nanny Relief Fund
- KOLBUS America, For All Of Your Hycorr Equipment And Service Needs
- Heritage at Hopewell Announces New 3.875% Year-One Mortgage Rate Buydown Incentive on Quick Delivery Townhomes (7.11% APR)
- New TROP2 Research Breakthrough Strengthens REQORSA® Gene Therapy Story as Roche Collaboration Advances Precision Lung Cancer Treatment: Genprex, Inc
- Rent a Truck or Hire Movers? New Data Shows Fuel Now Makes Up to 40% of DIY Moving Costs
- TrueNorth Wellness Services Expands Rural Behavioral Health Care in Fulton County with Technology
- Club Wyndham Research Identifies the "Holiday Rewind Effect": 93% of Parents Recreate Their Own Childhood Holidays for Their Kids
- IEI Rugged IP66 Panel PC Brings Real-Time Visibility to Heavy-Duty Mining Fleets
- FDA Approval; Major Milestone for Preservative-Free Ketamine Ahead of FDA Goal Date for Treatment of Suicidal Depression by NRx Pharmaceuticals, Inc
- Building a Technology Powerhouse-From AI Drones and Global Acquisitions to Defense, Enterprise Software and the Future of Autonomous Operations $ZENA
- Shelter Structures America backs MATRA Second Life Project to turn retired tent vinyl into homes for displaced families
- P-Wave Press Announces Becoming Dad: Reflections for New Fathers by L. A. Davenport