A SeaWorld investor plans to sue the marine theme park operator for allegedly artificially inflating its share prices by downplaying the ‘Blackfish’ effect.
Lou Baker of Michigan and his lawyers want to prepare a class action lawsuit on behalf of other SeaWorld shareholders to recover losses.
This followed SeaWorld’s admission last month that the ‘Blackfish’ backlash had affected attendance at its parks, which resulted in a fall of 32.9% of SeaWorld stock.
The suit is claiming damages on behalf of investors who bought stock in the company between April 2013 and August 2014.
From the outset, SeaWorld CEO Jim Atchison had maintained the controversy was not the reason for falling attendances and revenue.
He had said bad weather, an early Easter, and higher ticket prices were the main contributing factors.
Since the documentary aired in summer 2013, the company has faced months of protests from activists and several high profile entertainers canceled planned appearances.
