NEW ORLEANS--(BUSINESS WIRE)--ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 13, 2020 to file lead plaintiff applications in a securities class action lawsuit against Six Flags Entertainment Corporation (NYSE: SIX), if they purchased the Company’s shares between April 25, 2018 and January 9, 2020, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Texas.
Six Flags investors should visit us at https://www.claimsfiler.com/cases/view-six-flags-entertainment-corporation-securities-litigation or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Six Flags and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 10, 2020, pre-market, the Company disclosed a range of negative information including difficulties and delays with the development of its parks in China and that its exclusive partner in the China projects, Chinese real estate developer, Riverside Investment Group Co. Ltd., had defaulted on its payment obligations to Six Flags. As a result, the Company would realize no revenue from its agreements with Riverside in the fourth quarter of 2019 and expected to make a negative $1 million revenue adjustment as well as one-time charges totaling approximately $10 million.
On this news, the price of Six Flags’ shares plummeted nearly 18% on high trading volume.
The case is Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Six Flags Entertainment Corporation, 3:20-cv-00346.
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