(SIX) Alert: Johnson Fistel Announces Shareholder Class Action Against Six Flags Entertainment; Should Management be Held Accountable for Investors Losses?
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PR Newswire
SAN DIEGO, Feb. 13, 2020
SAN DIEGO, Feb. 13, 2020 /PRNewswire/ -- Shareholder Rights Law Firm Johnson Fistel, LLP is investigating potential violations of federal and state laws by Six Flags Entertainment Corporation ("Six Flags" or the "Company" (NYSE: SIX) and certain of its officers.
On February 12, 2020, a Securities Class Action Complaint was filed on behalf of those who purchased securities of Six Flags, between April 25, 2018 and January 9, 2020.
According to the lawsuit, Six Flags throughout the Class Period, made materially false and misleading statements regarding the Company's business, operations, and growth prospects related to its agreements with Riverside to develop parks in China. As development of those parks began to face delays, Defendants misled investors by downplaying the problems as "short-term" and "not material in the context of the long-term opportunity." Defendants also assured investors that Riverside was "work[ing] through" the macroeconomic issues in China and that Riverside was in "great shape" financially. In truth, Riverside was in severe financial distress and did not have the resources to timely complete its projects with Six Flags. As a result of Defendants' misrepresentations, shares of Six Flags' common stock traded at artificially inflated prices throughout the Class Period.
If you are a long-term shareholder of Six Flags continuously holding shares before April 25, 2018, you may have standing to hold Six Flags harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are interested in learning more about the investigation, please contact Jim Baker ([email protected]) at 619-814-4471. If you email, please include your phone number.
Additionally, if you have been continuously holding shares before April 25, 2018, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
[email protected]
[Click here to join this action].
View original content:SOURCE Johnson Fistel, LLP
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