NEW ORLEANS, April 12, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until April 13, 2020 to file lead plaintiff applications in a securities class action lawsuit against Six Flags Entertainment Corporation (NYSE: SIX), if they purchased the Company's shares between April 25, 2018 and January 9, 2020, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of Texas.
What You May Do
If you purchased shares of Six Flags and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-six/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 13, 2020.
About the Lawsuit
Six Flags and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 10, 2020, pre-market, the Company disclosed a range of negative information including difficulties and delays with the development of its parks in China and that its exclusive partner in the China projects, Chinese real estate developer, Riverside Investment Group Co. Ltd., had defaulted on its payment obligations to Six Flags. As a result, the Company would realize no revenue from its agreements with Riverside in the fourth quarter of 2019 and expected to make a negative $1 million revenue adjustment as well as one-time charges totaling approximately $10 million.
On this news, the price of Six Flags' shares plummeted nearly 18% on high trading volume.
The case is Electrical Workers Pension Fund, Local 103, I.B.E.W. v. Six Flags Entertainment Corporation, 20-cv-00201.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC