The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of Florida on behalf of those who acquired Carnival Corporation (“Carnival” or the “Company”) (NYSE: CCL) securities during the period from January 28, 2020 through May 1, 2020 (the “Class Period”). Investors have until July 27, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Carnival failed to disclose that: (i) the Company’s medics were reporting increasing events of COVID-19 illness on the Company’s ships; (ii) Carnival was violating port of call regulations by concealing the amount and severity of COVID-19 infections on board its ships; (iii) 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; and (iv) by continuing to operate, Carnival ships were responsible for continuing to spread COVID-19 at various ports throughout the world.
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.” In that article, it was revealed that Carnival may have failed to adequately protect 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 COVID19 had materialized on its ships and was likely to proliferate further. On this news, the Company’s share price fell $0.53, or 4.3%, 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.” That 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 separate investigation in Australia revealed 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, or 12.4%, to close at $13.93 per share on May 1, 2020.
If you acquired Carnival securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.