If you purchased SeaWorld securities between December 20, 2013 and August 12, 2014, you may be eligible for distribution from the SeaWorld Fair Fund

SEATTLE, Oct. 9, 2023 /PRNewswire/ --

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

On September 18, 2018, the SEC filed a Complaint against SeaWorld and Atchison. The SEC alleged that the defendants made untrue and/or misleading statements or omissions in SEC filings, earnings releases and calls, and other statements to the press regarding the impact of the documentary film Blackfish on the Company's reputation and business (i.e., "Blackfish effect"). According to the Complaint, released in July 2013, Blackfish criticized SeaWorld's treatment of its orcas (killer whales) and received significant media attention that escalated as the film became more widely distributed. The SEC alleged that, in connection with the offer and sale of SeaWorld stock, the defendants engaged in a course of business that by failing to disclose the Blackfish effect to investors they should have known would operate as a fraud or deceit upon the purchasers of the Securities. 

According to the Complaint, from January through March 2014, Atchison sold shares of SeaWorld stock, resulting in the inflation of the Security and allowed Atchison to avoid losses of approximately $730,860. As alleged in the Complaint, on August 13, 2014, SeaWorld acknowledged for the first time that its declining attendance was, among other factors, partially caused by negative publicity connected to Blackfish. According to the Complaint, SeaWorld's stock price fell approximately 33% following this announcement, causing a loss of approximately $830 million in shareholder value.

On September 18, 2018, the SEC also filed a Complaint against Jacobs. The SEC alleged that, on January 13, 2014, Jacobs made an untrue statement of material fact and/or omitted material facts from his statement just before selling his SeaWorld stock and avoided losses of approximately $84,885.

On October 4, 2018, the Defendants, without admitting or denying the allegations, consented to the entry of final judgments against each of them that imposed a total of approximately $5.1 million in financial remedies. The Court ordered SeaWorld to pay a civil penalty of $4,000,000; Atchison to pay disgorgement of $730,860, prejudgment interest of $119,323 and civil penalty of $150,000; and Jacobs to pay disgorgement of $84,885 and prejudgment interest in the amount of $14,720. The Defendants paid in full, and the funds have been deposited in a Commission designated account at the United States Department of Treasury. On December 4, 2020, the Court entered an Order consolidating the two civil actions for the purposes of distributing the funds paid by the Defendants to harmed investors.

On December 15, 2020, the Court entered an Order establishing a Fair Fund for the $5,266,679.31 in funds collected from Defendants, appointing Miller Kaplan Arase LLP as Tax Administrator, appointing JND Legal Administration as the Distribution Agent, and authorizing payment of administrative fees and expenses and tax obligations without further order of the Court.

Company (Trading Symbol) [Relevant Period start and end dates (inclusive)]:

• SeaWorld Entertainment Inc. (SEAS) [12/20/13 through 8/12/14]

If you purchased the security set forth above during the Relevant Period and would like to be considered for eligibility for a distribution from the SeaWorld Fair Fund, you must submit a completed and signed Proof of Claim Form ("Claim Form"), including adequate supporting documentation of your transactions and a completed tax certification, to the Distribution Agent by the Claims Bar Date.

The Claim Form is available at www.SeaWorldFairFund.com. You may send your Claim Form to the Distribution Agent; Claim Forms must be postmarked no later than October 19, 2023, if sent by First Class Mail; and if not by First Class Mail, received by the Distribution Agent by October 19, 2023. Claim Forms should be directed to the following address:

SeaWorld Fair Fund

c/o JND Legal Administration

PO Box 91190

Seattle, WA 98111

Brokers, Dealers and other nominees that may have records of purchasers of the Eligible Security during the Relevant Period must notify the respective beneficial owners within fourteen (14) days of receipt of the Notice Packet so that beneficial owners may timely file a claim or provide to the Distribution Agent within fourteen (14) days of receipt a list of last known names and addresses for all beneficial owners for whom the record holders purchased the Eligible Security during the Relevant Period.

Additional information regarding the SeaWorld Fair Fund, including the Distribution Plan, the Distribution Plan Notice, the Claim Form, relevant deadlines, and related materials are available on the Distribution Website at www.SeaWorldFairFund.com. You may obtain additional information or request copies of the Claim Form by contacting the Distribution Agent toll-free at (855) 533-0228 or by emailing [email protected] or writing to:

SeaWorld Fair Fund

c/o JND Legal Administration

PO Box 91190

Seattle, WA 98111

Please check the website www.SeaWorldFairFund.com frequently for updates.

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SOURCE JND Legal Administration