SeaWorld Entertainment, Inc. (NYSE:SEAS) Files An 8-K Other EventsItem 8.01 Other Events.
As previously disclosed in filings of SeaWorld Entertainment, Inc. (the “Company”) with the U.S. Securities and Exchange Commission (the “Commission”), the Company has been cooperating with an investigation by the Commission concerning certain disclosures and public statements made by the Company and certain individuals on or before August 2014 and trading in the Company’s securities.
On April 6, 2018, the Company received a written “Wells” notice from the Commission indicating that staff (the “Staff”) of the Commission has made a preliminary determination to recommend to the Commission that a civil enforcement action or administrative proceeding be brought against the Company.No individual currently employed by the Company has received a Wells notice.
A Wells notice is not a formal allegation or a finding of wrongdoing by the Company. In addition, under the Commission procedures, a recipient of a Wells notice has an opportunity to respond in the form of a Wells submission that provides the Company’s position that such an action should not be brought.
The Wells notice issued to the Company states that the proposed action against the Company would allege violations of certain provisions of the U.S. federal securities laws. The Wells notice states that the Staff’s recommendation may involve various civil or administrative actions or proceedings, and may seek remedies that include an injunction, a cease-and-desist order, disgorgement, pre-judgment interest and civil money penalties.
The Company will continue to cooperate with the Commission’s inquiry and intends to respond through a Wells submission to the Staff setting forth why the Company believes no action should be commenced against it.
About SeaWorld Entertainment, Inc. (NYSE:SEAS)
SeaWorld Entertainment, Inc. is a theme park and entertainment company. It owns or licenses a portfolio of brands, including SeaWorld, Sea Rescue and Busch Gardens. It has a diversified portfolio of approximately 10 destination and regional theme parks that are located across the United States. Its theme parks feature a range of rides, shows and other attractions. The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas, and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place).