NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Norwegian Cruise Line Holdings Ltd. (“Norwegian” or the “Company”) (NYSE:NCLH) of the May 11, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Norwegian stock or options between February 20, 2020 and March 12, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/NCLH. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of all those who purchased Norwegian securities between February 20, 2020 and March 12, 2020 (the “Class Period”). The case, Douglas v. Norwegian Cruise Lines et al, No. 20-cv-21107 was filed on March 12, 2020, and has been assigned to Judge Robert N. Scola, Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company was employing sales tactics of providing customers with unproven and/or blatantly false statements about COVID-19 to entice customers to purchase cruises, thus endangering the lives of both their customers and crew members; and (2) as a result, Defendants’ statements regarding the Company’s business and operations were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on March 12, 2020, the Washington Post published the article, “Norwegian Cruise Line managers urged salespeople to spread falsehoods about coronavirus.” The article revealed even more about Norwegian’s sales tactics from leaked internal memoranda including dangerous statements such as: “Focusing all of your attention is actually illogical, especially when we live in a world of daily threats and dangers anyhow,” the manager wrote under the headline “The coronavirus will not affect you.” “Fact: Coronavirus in humans is an overhyped pandemic scare.”
The Washington Post article also disclosed Company executive’s reaction to the leaked memorandum, including: The whistleblower told The Post that company leaders are trying to find out who shared the emails. In one email sent Monday evening, after a Miami New Times journalist contacted the company, an executive wrote, “One of our own ratted.”
On this news, Norwegian’s stock fell from a closing price of $15.03 per share on March 11, 2020 to $9.65 on March 12, 2020—a $5.38 or 35.80% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Norwegian’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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