Shareholders have filed a suspected class action lawsuit suing Royal Caribbean Cruises Ltd. and its executives with securities law violations in connection with the COVID-19 pandemic. and misleading statements about the impact of the pandemic and had lax security protocols, according to the City of Riviera Beach General Employees Retirement System vs. Royal Caribbean Cruises Ltd., Richard Fain, Jason Liberty and Michael Bayley .
Riviera Beach, Florida-based retirement plan filed the complaint Wednesday in the U.S. District Court in Miami. It was first reported by the D&O diary.
The lawsuit states that during the first quarter, hundreds of COVID-19 cases were reported on at least 1
The lawsuit, which accuses the cruise line of violating the Securities Act, notes that the company's share price fell significantly during the first quarter. The company canceled its cruises in March.
A company spokesman could not be reached for comment.
Comparable lawsuits have been filed against Norwegian Cruise Lines Holdings Ltd. and Carnival Corp., both of which are Miami-based.