Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Carnival Corporation (“Carnival” or the “Company”).
The lawsuit filed in the United States District Court for the Southern District of Florida alleges violations of the Securities Exchange Act of 1934.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) the Company’s medics reported increasing events of COVID-19 illness on the Company’s ships; (2) Carnival had violated port of call regulations by concealing the amount and severity of COVID-19 infections onboard its ships; (3) in responding to the outbreak of COVID-19.
Carnival failed to follow the Company’s health and safety protocols developed in the wake of other communicable disease outbreaks; (4) by continuing to operate, Carnival ships were responsible for continuing to spread COVID-19 at various ports throughout the world; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On April 16, 2020, when the Company still had at sea two (2) of its cruise ships, Bloomberg Businessweek published an article titled “Carnival Executives Knew They Had a Virus Problem, But Kept the Party Going.”
In that article, it was revealed that Carnival may have failed to adequately protect passengers from COVID-19 on a series of cruise voyages, and indeed continued to operate new cruise departures despite its knowledge that the threat posed by COVID-19 had materialized on its ships and was likely to proliferate further.
On this news, the Company’s share price fell $0.53 per share from a prior close of $12.38 per share to close at $11.85 per share on April 16, 2020.
Then, on May 1, 2020, The Wall Street Journal published an article titled “Cruise Ships Set Sail Knowing the Deadly Risk to Passengers and Crew.” That article detailed how cruise ships, particularly Carnival ships, facilitated the spread of COVID-19, and provided new facts on early warning signs Carnival and its affiliated cruise lines possessed and the Company’s disclosure failures.
Further, the article also noted that The House Committee on Transportation and Infrastructure had requested documents from Carnival related “to Covid-19 or other infectious disease outbreaks aboard cruise ships” and that testimony from a separate investigation in Australia revealed that Carnival and its affiliated cruise lines may have misled shore officials by concealing those exhibiting COVID-19 symptoms before docking.
On this news, the Company’s share price fell $1.97 per share from a prior close of $15.90 per share to close at $13.93 per share on May 1, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than July 27, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf.
As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
For more information, visit www.bernlieb.com