Lawsuit: SeaWorld lied to investors about real cause of sluggish attendance numbers

SAN DIEGO - A new lawsuit alleges cover-ups and fraud at SeaWorld, as the attorney for the shareholder now suing the theme park speaks out.

In mid-August, SeaWorld suffered a one-day 33 percent plunge after a lackluster earnings report. In the earnings call, SeaWorld acknowledged the impact of the fallout of the film "Blackfish," critical of orcas in captivity.

The class-action complaint alleges federal securities violations and claims SeaWorld broke the law by not acknowledging it sooner.

In the 14 months since "Blackfish" hit theaters, SeaWorld has blamed slumping attendance numbers on everything from the weather to holidays.

In the just-filed federal complaint, a Michigan shareholder accuses SeaWorld of lying to keep its stock price high.

Attorney Jonathan Stern, who represents the investor, said, "It violates securities laws if you know the reason and don't tell investors the real reason for that problem."

Stern claims it's implausible that surveys about "Blackfish" SeaWorld has said it was conducting would not have pointed to problems.

"The press coverage made it clear it was having an effect. The only one claiming it wasn't having an effect was SeaWorld," said Stern.

Stern alleges the SeaWorld cover-up kept the stock price inflated, allowing its key shareholder, The Blackstone Group, to dump its shares -- going from a 63 percent stake in the company in April 2013 to a 22 percent stake a year later.

Last month, SeaWorld acknowledged for the first time the "Blackfish" impact.

"If SeaWorld is found guilty, they're certainly going to be seen as not honest or trustworthy," said Miro Copic, a marketing professor at San Diego State University.

Copic said the lawsuit creates more potential issues for SeaWorld.

Weeks after announcing it will double the size of the orca exhibit, SeaWorld again is facing more "Blackfish" fallout.

Copic said if this grows into a large class-action suit -- ending in stiff penalties for SeaWorld -- the film's impact would stay front and center in the headlines.

Another potential pitfall, according to Copic: "If the lawsuit gains momentum and gathers many investors, it could embolden legislators to introduce legislation in the future."

Stern said the Securities and Exchange Commission could open a separate probe.

SeaWorld declined to comment, saying it doesn't comment on pending litigation.

10News also reached out to The Blackstone Group, but didn't get a call back.