LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Six Flags Entertainment Corporation (“Six Flags” or the “Company”) (NYSE: SIX) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On February 14, 2019, Six Flags disclosed a $15 million revenue adjustment for fourth quarter 2018 due to delays in expected opening dates of some parks in China. In the press release, the Company stated that “[t]his resulted in a 38 percent decline in sponsorship, international agreements and accommodations revenue compared to the fourth quarter of 2017.”
On this news, the Company’s share price fell $9.00, or over 14%, to close at $54.87 per share on February 14, 2019, on unusually heavy trading volume.
Then, on October 23, 2019, Six Flags postponed park openings in China and stated that “it’s unrealistic to think it’s going to be exactly as we’ve outlined.”
On this news, the Company’s share price fell $6.35, or over 12%, to close at $44.88 per share on October 23, 2019, on unusually heavy trading volume.
Then, on January 10, 2020, Six Flags announced that parks in China continued to encounter challenges and that the Company expected a $1 million revenue adjustment related to certain agreements.
On this news, the Company’s share price fell $7.80, or nearly 18%, to close at $35.96 per share on January 10, 2020, on unusually heavy trading volume.
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If you purchased Six Flags 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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