LOS ANGELES, July 23, 2020 (GLOBE NEWSWIRE) – Portnoy law firm encourages investors with losses of $ 1,000,000 or more to actively participate in the class action lawsuit on behalf of Carnival Corporation (NYSE: CCL; CUK) investors was submitted. The lawsuit alleges that the company failed to comply with the relevant COVID-19 safety measures on board carnival cruises, endangering the safety of passengers and employees, and exposing the company to high regulatory and procedural risks.
Click here for more information and to participate in the class action lawsuit for securities.
The Portnoy law firm represents investors on an unforeseen basis in covering their losses caused by alleged fraudulent statements and corporate misconduct. Investors are asked to contact lawyer Lesley F. Portnoy by phone or text 310-692-8883 or email firstname.lastname@example.org to discuss their legal rights, or here at www.portnoylaw.com.
In December 2019, a novel coronavirus strain, COVID-19, was reported for the first time in Wuhan, Hubei Province, China. COVID-19 quickly spread to numerous countries and has since been classified by the World Health Organization as a global pandemic. Carnival launched several cruise ships in early 2020 that seriously endangered tens of thousands of passengers and crew, and turned Carnival's ships into ships that could be used to sow the virus worldwide. However, on January 27, 2020, as COVID-19 spread beyond China, Carnival claimed that the risks of COVID-19 to the company's guests, crew, and global business were "very low".
The carnival has further doubled its “low risk” statements over the next two months by stopping the continuation of cruises (with the exception of those traveling to and from China or quarantined by the authorities) in the face of increasing illnesses and deaths Cruise passengers have allowed their own ships due to COVID-19 or shortly after disembarking from their own ships. On February 3, 2020, just a few days after Carnival reiterated that COVID-19 poses a "very low" risk to Carnival's guests, crew, and business, Carnival admitted that a passenger traveling from the 20th January had been on board his Diamond Princess ship, 2020 to January 25, 2020 tested positive for COVID-19. This diagnosis prompted the Japanese authorities to review all guests and crew members since the ship was docked in Yokohama, Japan, which delayed the next leg of the cruise.
In this news, Carnival's common stock fell $ 0.78 per share, or approximately 2%, from a closing price of $ 43.53 per share on January 31, 2020 to $ 42.75 per share on February 3, 2020. Likewise Carnival's ADSs decreased $ 0.45 per share, or 1.1%, from $ 41.10 per ADS on January 31, 2020 to $ 40.65 per ADS on February 3, 2020.
During the class period (March 4, 2020, March 8, 2020, March 27, 2020 and April 16, 2020), investors learned the truth about Carnival's previous false and misleading statements through a range of additional market information.
Finally, on May 1, 2020, following the numerous outbreaks on carnival ships and reporting that exposed the effects of carnival actions and inaction, the U.S. House of Representatives initiated an investigation into how the carnival handled COVID-19, initiated by a letter to Carnival's Chief Executive Officer, who requests records of Carnival's COVID-19 response (the "Letter to Congress"). The letter of Congress, citing previous outbreaks, found that the request for records was based on concerns that the carnival "ignored the coronavirus public health threat to potential future passengers and crew" and "the carnival officials." were aware of the threats on some of his ships and did not take appropriate action, which could have led to major infections and the spread of the disease. "
In the news, Carnival common stock fell $ 1.97 per share, or 12.4%, from a closing price of $ 15.90 per share on April 30, 2020 to $ 13.93 per share on May 1, 2020. Carnival ADS prices also decreased $ 1.49 per ADS, or 10.7%, from $ 13.92 per ADS on April 30, 2020 to $ 12.43 per ADS on May 1, 2020.
As a result of revealing the truth about Carnival's inability and unwillingness to cope with the spread of infectious diseases on its ships, Carnival investors who bought shares on US exchanges lost billions of dollars when Carnival's shares corrected Revelations declined.
Click here to learn more and participate in the class action lawsuit for securities.
The law firm Portnoy represents investors in the pursuit of claims against companies. The company's founding partner has raised over $ 5.5 billion for injured investors. Attorney advertising. Previous results do not guarantee similar results.
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