NEW YORK, July 16, 2020 (GLOBE NEWSWIRE) — Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, reminds investors of pending class action lawsuit against Carnival Corporation (“Carnival” or the “Company”) (NYSE: CCL) and certain of its officers and directors (collectively, “Defendants”) alleging violations of federal securities laws. If you purchased Carnival securities between January 28, 2020 and May 1, 2020, inclusive (the “Class Period”), you are encouraged to contact Scott+Scott attorney Joe Pettigrew for additional information at (844) 818-6982 or jpet[email protected] The lead plaintiff deadline is July 27, 2020.
Carnival is one of the world’s largest leisure travel and cruise companies, with operations in North America, Australia, Europe, and Asia.
The Complaint alleges that Carnival made materially false and/or misleading statements and/or failed to disclose that: (1) the Company’s medics were reporting increasing events of COVID-19 illness on the Company’s ships; (2) Carnival was violating port of call regulations by concealing the amount and severity of COVID-19 infections on board its ships; (3) in responding to the outbreak of COVID-19, Carnival failed to follow the Company’s own 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, Bloomberg Businessweek published an article titled “Carnival Executives Knew They Had a Virus Problem, But Kept the Party Going,” which, among other things: (1) revealed suspicion that the Company misled authorities about the extent of Carnival’s COVID-19 outbreak; (2) highlighted an interview with Cindy Friedman, the head of CDC’s cruise ship task force, who believes several of the Company’s COVID-19-plagued cruise ships did not embark on their journeys until well after the Company knew it was risky to do so; and (3) revealed that Carnival “knew about the global situation much earlier than most,” and before filing their last 10-K, which did not disclose the potential for COVID-19 to have any impact on Carnival’s business.
On this news, Carnival’s shares fell $0.53 to close at $11.85 on April 16, 2020, a 4% drop.
On May 1, 2020, The Wall Street Journal published an article titled “Cruise Ships Set Sail Knowing the Deadly Risk to Passengers and Crew,” which further detailed Carnival’s knowledge of early warning signs, and ongoing investigations of Carnival’s conduct and contribution to the proliferation of COVID-19 by various U.S. and foreign government agencies.
On this news, Carnival shares fell $1.97, to close at $13.93 on May 1, 2020, a drop of over 12%.
What You Can Do
If you purchased Carnival securities between January 28, 2020 and May 1, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 or [email protected]
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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