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The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Carnival Corporation (CCL)

The Law Offices of Frank R. Cruz reminds investors of the upcoming July 27, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Carnival Corporation ("Carnival" or the "Company") (NYSE: CCL) securities between January 28, 2020 and May 1, 2020, inclusive (the "Class Period").

If you are a shareholder who suffered a loss, click here to participate.

On April 16, 2020, when the Company still had at sea two of its cruise ships, Bloomberg Businessweek published an article titled "Carnival Executives Knew They Had a Virus Problem, But Kept the Party Going." The article stated that Carnival may have failed to effectively protect its passengers from COVID-19 on a series of cruise voyages, and indeed continued to operate new cruise departures despite its knowledge that the threat posed by COVID-19 had materialized on its ships and was likely to proliferate further.

On this news, the Company’s share price fell $0.53 per share, or over 4%, to close at $11.85 per share on April 16, 2020.

Then, on May 1, 2020, The Wall Street Journal published an article titled "Cruise Ships Set Sail Knowing the Deadly Risk to Passengers and Crew." The article detailed how cruise ships, particularly Carnival ships, facilitated the spread of COVID-19, and provided new facts on early warning signs Carnival and its affiliated cruise lines possessed and the Company’s disclosure failures. Further, the article also noted that The House Committee on Transportation and Infrastructure had requested documents from Carnival related "to Covid-19 or other infectious disease outbreaks aboard cruise ships" and that testimony from a different investigation in Australia exposed that Carnival and its affiliated cruise lines may have misled shore officials by concealing those exhibiting COVID-19 symptoms before docking.

On this news, the Company’s share price fell $1.97 per share, or over 12%, to close at $13.93 per share, thereby injuring investors.

The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s medics were reporting increasing events of COVID-19 illness on the Company’s ships; (2) that Carnival was violating port of call regulations by concealing the amount and severity of COVID-19 infections on board its ships; (3) that in responding to the outbreak of COVID-19, Carnival failed to follow the Company’s own health and safety protocols developed in the wake of other communicable disease outbreaks; (4) by continuing to operate, Carnival ships were responsible for continuing to spread COVID-19 at various ports throughout the world; and (5) that as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Carnival securities during the Class Period, you may move the Court no later than July 27, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200724005093/en/

Contacts

The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com