8 AUG: A law firm representing certain shareholders of Royal Caribbean has filed a class action lawsuit accusing the cruise line of making false and misleading statements.
The lawsuit alleges that the company on 28 July "revealed for the first time that it was performing below expectations," and that errors in its previous earnings accounting had "resulted in the revision of the company’s past financial statements", according to a report in newspaper USA Today.
Second-quarter earnings of 47 cents per share were revised to 43 cents, and full-year 2011 earnings have been reduced by 20 cents.
The share price subsequently dropped 13%.
The lawsuit is on behalf of those who bought shares between 27 January and 28 July.
Royal Caribbean chairman Richard Fain said earlier that he was "embarrassed" by the error, which he said was made in 2009 and discovered by the company’s internal accounting team.
