BENSALEM, PA / ACCESSWIRE / February 13, 2020 / Law Offices of Howard G. Smith announces an investigation on Six Flags Entertainment Corporation ("Six Flags" or the "Company") (NYSE:SIX) investors concerning the Company and its officers' possible violations of federal securities laws.
On February 14, 2019, Six Flags disclosed a $15 million revenue adjustment for fourth-quarter 2018 due to delays in expected opening dates of some parks in China. In the press release, the Company stated that "[t]his resulted in a 38 percent decline in sponsorship, international agreements and accommodations revenue compared to the fourth quarter of 2017."
On this news, the Company's share price fell $9.00, or over 14%, to close at $54.87 per share on February 14, 2019, on unusually heavy trading volume.
Then, on October 23, 2019, Six Flags postponed park openings in China and stated that "it's unrealistic to think it's going to be exactly as we've outlined."
On this news, the Company's share price fell $6.35, or over 12%, to close at $44.88 per share on October 23, 2019, on unusually heavy trading volume.
Then, on January 10, 2020, Six Flags announced that parks in China continued to encounter challenges and that the Company expected a $1 million revenue adjustment related to certain agreements.
On this news, the Company's share price fell $7.80, or nearly 18%, to close at $35.96 per share on January 10, 2020, on unusually heavy trading volume.
If you purchased Six Flags securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
CONTACT:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
SOURCE: Law Offices of Howard G. Smith
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