The law firm of Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., announce the commencement of an investigation into Royal Caribbean Cruises Ltd. (“Royal Caribbean” or the Company)(NYSE:RCL) to determine whether it has violated federal securities laws by issuing false and misleading statements to its shareholders.
Shares of Royal Caribbean plunged almost 10%, or over $3.25 per share, on July 28, 2011, the day the Company revealed that an accounting error would force a revision of its full-year profit guidance. The prior day, the Company reported a second-quarter profit, but said it would have to revise prior statements because of an error in the way it accounted for interest expenses for amortizing financing fees. It reduced its full-year earnings guidance by 10 cents per share even without the accounting change, and by 20 cents per share with the change. Royal Caribbean was already dealing with a drop in demand for cruises in the Eastern Mediterranean because of unrest in Egypt and Libya. It's also facing higher fuel costs. Its shares have fallen 35 percent since January.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn (lewis.kahn@ksfcounsel.com), toll free 1-877-515-1850, after hours via cell phone 504-301-7900.
About Kahn Swick & Foti, LLC
KSF is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. For more information on KSF, please visit www.ksfcounsel.com.
Contacts:
Lewis Kahn, 1-877-515-1850
KSF
Managing Partner
lewis.kahn@ksfcounsel.com
