Blackfish Backlash

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Best ever response to PETA. Also a good lesson: never, ever challenge a Marylander's love for crabs. You'll lose every time.

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Triva! Most Baltimore Blue Crab comes from the VA part of the Bay as the B-More area is still too polluted.
 
acrossdapark said:
https://www.foxbusiness.com/features/seaworld-and-former-ceo-fined-5-million-for-blackfish-fallout
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Lets be clear, they would have insurance for this kind of thing. It is unlikely that it would have any impact on operations. To us 4m (the amount SEAS is paying) sounds like a lot, but to them, in a SEC filing it is a slap on the wrist. Frankly a "misleading investors," charge is also the easy button of charges. They could have gotten defrauding the public and that could have shut them down. Since they are not GM, Delta, United, et al, they would not have gotten a government bailout. It would have gotten lucky to just go in to receivership.

The long and short is this, it is unlikely that the fine is preventing SEAS from doing anything short term. It is just another chip in the paint, so to speak. Just more proof to investors that the stock is toxic.
 
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Zimmy said:
Lets be clear, they would have insurance for this kind of thing. It is unlikely that it would have any impact on operations. To us 4m (the amount SEAS is paying) sounds like a lot, but to them, in a SEC filing it is a slap on the wrist. Frankly a "misleading investors," charge is also the easy button of charges. They could have gotten defrauding the public and that could have shut them down. Since they are not GM, Delta, United, et al, they would not have gotten a government bailout. It would have gotten lucky to just go in to receivership.

The long and short is this, it is unlikely that the fine is preventing SEAS from doing anything short term. It is just another chip in the paint, so to speak. Just more proof to investors that the stock is toxic.
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Depends if their E&O insurance would cover it. Just because the SEC says you're guilty and hands over a fine doesn't mean E&O will pick it up, there are tons of stipulations and gotchas like dishonesty, punitive fines/damage or violations of law they check before paying out.
 
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acrossdapark said:
Depends if their E&O insurance would cover it. Just because the SEC says you're guilty and hands over a fine doesn't mean E&O will pick it up, there are tons of stipulations and gotchas like dishonesty, punitive fines/damage or violations of law they check before paying out.
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You are absolutely corrrect. I burried the lead with that statement. My main point was that 4m was really a slap on the wrist.
 
News6 said:
ORLANDO, Fla. - The U.S. Department of Justice has notified SeaWorld Entertainment Inc. that the agency is dropping its criminal fraud investigation into the company’s statements about the film “Blackfish”, according to SeaWorld’s latest filing with the U.S. Securities and Exchange Commission.

For more than a year, the DOJ had been investigating whether former SeaWorld executives fraudulently misled investors when they originally claimed the 2013 documentary did not hurt theme park attendance.

In August 2014, SeaWorld officials acknowledged that the documentary was, in fact, having a negative impact on the company’s reputation and revenue.

Following that announcement, the company’s stock price to plunged more than 33 percent. It has since recovered.

In a Form 8-K filed Wednesday with the SEC, SeaWorld indicated that the DOJ would not be filing any criminal charges.

“On December 11, 2018, the U.S. Department of Justice informed SeaWorld Entertainment, Inc. that it does not intend to take any action against the Company or any individuals in connection with the investigation previously disclosed by the Company concerning disclosures and public statements made by the Company and certain individuals on or before August 2014 and trading in the Company’s securities,” the filing stated. “The Company considers the DOJ matter concluded.”

In September, SeaWorld agreed to pay $4 million to settle a civil complaint filed by the SEC over similar allegations involving statements about “Blackfish."

Atchison, who resigned from SeaWorld in 2014, paid a $1 million penalty to the SEC, records confirmed.
A group of shareholders have filed a class action lawsuit against SeaWorld, claiming company executives’ statements about “Blackfish” cost them millions of dollars in losses. That trial is tentatively scheduled to begin in July.
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Source
 
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To the mod who moved my post: this new complaint is separate from blackfish. Blackfish was over whales. Now they’re complaining about dolphins.
 
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