Six Flags Hit With Investor Suit Over Failed China Projects
Law360 (February 13, 2020, 7:19 PM EST) -- Six Flags exaggerated the success of its partnership with a Chinese real estate developer to build nearly a dozen new theme parks overseas, causing the company's stock to trade at artificially inflated prices before tanking by nearly 44% since word broke of the projects' shakiness, according to a proposed investor class action filed in Texas federal court.
As a result of various delays and dwindling public optimism towards the China projects' future, Six Flags Entertainment Corp. has lost more than $2 billion in value over the past year, the Wednesday complaint alleges. Stockholders claim the amusement park operator violated securities laws by...
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