SeaWorld and its former CEO, Jim Atchison, will pay more than $5 million to settle federal fraud charges that they misled investors about the impact the 2013 anti-captivity documentary “Blackfish” had on the theme park company.
The U.S. Securities and Exchange Commission, which had been investigating the Orlando, Fla.,-based company for more than a year, announced the settlement Tuesday, the same day it also filed a complaint in court outlining the fraud charges.
The SEC said that SeaWorld will be fined $4 million, and Atchison will be assessed more than $1 million in penalties and “disgorgement” related to the sale of company stock. Both SeaWorld and Atchison have agreed to settle the SEC’s charges without admitting or denying the allegations.
The SEC’s complaint, filed in federal court in New York, alleged that between December 2013 and August 2014, SeaWorld and Atchison made misleading statements or omitted from SEC filings and earnings releases information regarding the true impact “Blackfish” was having on the company’s reputation and business