Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Six Flags Entertainment Corporation f/k/a CopperSteel HoldCo, Inc. (NYSE: FUN) common stock pursuant or traceable to the company’s registration statement and prospectus issued in connection with the July 1, 2024 merger of legacy Six Flags Entertainment Corporation (“Legacy Six Flags”) with Cedar Fair, L.P. (“Cedar Fair”), and their subsidiaries and affiliates (the “Merger”), have until January 5, 2026 to seek appointment as lead plaintiff of the Six Flags class action lawsuit. Captioned City of Livonia Employees’ Retirement System v. Six Flags Entertainment Corporation, No. 25-cv-02394 (N.D. Ohio), the Six Flags class action lawsuit charges Six Flags and certain top executive officers with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff of the Six Flags class action lawsuit, please provide your information here:
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Six Flags is an amusement park operator.
The Six Flags class action lawsuit alleges that the registration statement for the Merger failed to disclose that, notwithstanding its executives’ claims that the company had pursued transformational investment initiatives in the years leading up to the Merger, Legacy Six Flags in fact suffered from chronic underinvestment and its parks required millions of dollars in additional capital and operational expenditures above the company’s historical cost trends in order to maintain (let alone grow) Legacy Six Flags’ share in the intensely competitive amusement park market. Additionally, after taking over as CEO in November 2021, defendant Selim Bassoul slashed employee headcount to cut costs, but in so doing had degraded the company’s operational competence and guest experience. In short, at the time of the Merger, Legacy Six Flags required a massive, undisclosed capital infusion to turn the company around, and these acute capital needs undermined the entire rationale for the deal as portrayed in the registration statement.
On the Merger closing date, July 1, 2024, Six Flags stock traded above $55 per share. The price of Six Flags stock subsequently fell as low as $20 per share, a nearly 64% decline.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
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Contacts
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com