Shareholder rights law firm Robbins LLP announces that it is investigating Six Flags Entertainment Corporation /zigman2/quotes/208050417/composite SIX -4.73% for alleged violations of the Securities Exchange Act of 1934 and whether the Company's officers and directors breached their fiduciary duties to shareholders. Six Flags owns and operates regional theme and water parks.
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Six Flags Entertainment Corp. (SIX) Announces Disappointing Financial Results
In June 2014, Six Flags announced the signing of its agreement to build multiple Six Flags-branded theme parks in China with Riverside Investment Group Co. Ltd. ("Riverside"), touting the partnership as an opportunity to "supercharge revenue growth." However, on February 14, 2019, Six Flags shocked investors with its negative revenue adjustment of $15 million, citing delays in expected opening dates. Then, on January 10, 2020, Six Flags revealed it continued to encounter macroeconomic challenges, resulting in no realized revenue for fourth quarter 2019. Finally, on February 20, 2020, the Company announced a net loss for Q4 2019, citing "charges of approximately $10 million related to the Company's China development agreements and certain unrelated litigation matters." On this news, the stock fell to $31.89 per share, representing a 52% decline from its class period high of $66.69 per share.
Six Flags Entertainment Corp. (SIX) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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SOURCE: Robbins LLP
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