SeaWorld under multiple federal investigations as attendance and revenue plummet: report
SeaWorld Entertainment Inc publicly announced that the company is under multiple federal investigations.
“SeaWorld has been subpoenaed by two federal agencies for comments that executives and the company made in August 2014 about the impact from the “Blackfish” documentary, according to new SEC filing disclosures released late Friday,” the Orlando Sentinel reported.
The investigating agencies are the U.S. Department of Justice and the U.S. Securities and Exchange Commission.
The Orlando Sentinel reported SeaWorld claimed they have, “cooperated with these government inquiries and intends to continue to cooperate with any government requests or inquires.”
“SeaWorld shares fell 33 percent on a single day in August 2014, when the theme-park operator reported earnings that missed analysts’ estimates and blamed the scrutiny of its treatment of animals in the wake of ‘Blackfish,’ which was released in 2013,” Bloomberg reported. “Activists say the large animals were inhumanely treated by keeping them in small tanks, when they should be kept at sea in pens.”
“Since 2013, shares have tanked, pardon the pun,” CNNMoney Digital Correspondent Paul R. La Monica noted. “I’m not sure that this new ad campaign will convince all the people that don’t like the company to start going back and visiting all the theme parks, but they had to do something or otherwise the stock will continue to fall.”