SeaWorld Stock Plummets (Again) Amid 'Blackfish' Backlash
SeaWorld's finances took yet another big hit on Tuesday, when shares of the company's stock dipped as low as $19.22. The company's market cap is now at 1.75 billion, down from $3.26 billion on August 2013.
A graph of the company's stock (SEAS) over the past month illustrates the downward trend:
This is just the latest in a string of financial troubles for SeaWorld. In August, shares fell 33 percent after a bad quarterly report, coming in at a low of $18.90. The company finally publicly admitted that attendance at its theme parks was hurt by negative publicity garnered from the release of the documentary "Blackfish," which revealed alleged mistreatment of orca whales at SeaWorld.
In the wake of this revelation, a New York law firm filed a class action lawsuit against SeaWorld Entertainment, Inc., in early September, alleging that investors were misled by the company during its initial public offering (IPO) in April 2013. The lawsuit says that the company should have divulged the impact that "Blackfish" was having on its attendance earlier.
"SeaWorld must change their business model and adapt with the times, or the ship will continue sinking," Candace Crespi, Campaign Director of the Oceanic Preservation Society, told The Dodo. "We are rooting for them to leaders in education and conservation, and end their outdated reign of exploitation."