Theme park operator SeaWorld and its former CEO, James Atchison have agreed to pay more than $5 million to settle fraud charges brought by the Securities and Exchange Commission.
Following investor lawsuits and a federal probe, the SEC filed a civil complaint against SeaWorld and Atchison, claiming they wilfully failed to disclose key information for investors relating to the negative impact on the business following the ‘Blackfish’ documentary.
SeaWorld and Atchison failed to disclose data on park attendance and should have known just months after the 2013 film’s release that a backlash was hurting the business.
SeaWorld executives also raised concerns over potential damage to its reputation even before ‘Blackfish’ was released.
The business has suffered ever since.
SeaWorld agreed to settle the case for $4 million, while Atchison will pay more than $1 million.
