It is alleged in the complaint that Royal Caribbean throughout the Class Period made materially misleading and/or false statements and/or failed to disclose material adverse facts about a decrease in its bookings outside China, as well as its faulty procedures and policies to prevent the circulation of COVID-19 on its cruise ships. Specifically, in regard to global bookings, Royal Caribbean: (1) misled investors to believe that any issues related to COVID-19 were relatively insignificant; (2) falsely assured investors that bookings outside China were strong and showed no signs of a slowdown; and (3) failed to disclose that material declines in bookings globally due to customer concerns over COVID-19 were being experienced by Royal Caribbean. Additionally, in regard to safety procedures, Royal Caribbean: (1) falsely assured investors that rigorous safety protocols were implemented; (2) stated such protocols were ultimately expected to contain the spread of COVID-19; and (3) failed to disclose that its ships were following protocols that were grossly inadequate and that would foster the spread of COVID-19, posing a substantial risk to crews and passengers. The lawsuit claims that investors suffered damages, when the true details entered the market.
Royal Caribbean Cruises, Ltd.
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