By Mike Schneider
ORLANDO, Fla. (AP) --SeaWorld and two former executives on Tuesday agreed to pay more than $5 million to settle federal fraud claims that they misled investors about the negative impact the 2013 documentary "Blackfish" had on business.
The U.S. Securities and Exchange Commission filed the complaint in federal court in New York as well as the proposed settlements, which are subject to court approval. The SEC's complaint alleged SeaWorld and former CEO James Atchison made misleading and false statements or omissions in SEC filings, earnings releases and calls about the documentary's impact on the company's reputation and business from December 2013 to August 2014.
During the first three months of 2014, Atchison sold stock as part of a trading plan he had entered into before that period, allowing him to avoid losses of almost $740,000, according to the complaint.
In August 2014, SeaWorld for the first time made a filing with the SEC that revealed the company was facing declining attendance following the movie's release. The company's stock price plummeted by a third and SeaWorld's stock was downgraded by analysts, causing an $830 million loss in shareholder value, according to the SEC complaint.
"The defendants should have known that the 'Blackfish' effect, if and when such occurred, would be material to investors," the complaint said.
Directed by Gabriela Cowperthwaite, "Blackfish" chronicled the life of Tilikum, an orca that killed a SeaWorld trainer during a performance in Orlando in 2010.
In a statement, SeaWorld said the company neither admits nor denies the allegations under the settlement.
"The company is pleased to have resolved this matter and to continue to focus on delivering superior guest experiences, world-class animal care and rescuing animals in need," said the statement from corporate communications director Travis Claytor.
Online court records didn't show attorneys for Atchison or Fred Jacobs, SeaWorld's former vice president of communications.
Under the settlement proposal, SeaWorld would pay a $4 million penalty, Atchison would pay more than $1 million for a penalty and pay-back and Jacobs would pay $100,000 in pay-back.
Mike Pierantozzi joins Movers+Shakers as exec creative director
Creative agency Movers+Shakers has appointed Mike Pierantozzi as executive creative director. In this new role, he will help guide the creative direction of Movers+Shakers’ socially-native campaigns. Pierantozzi will report to co-founder and chief creative officer Geoffrey Goldberg.
With nearly two decades of experience as a copywriter, creative director, and multi-platform storyteller, Pierantozzi brings a wealth of knowledge from his work with major brands including Kraft, Unilever, IBM, and Walmart. He has led the creation of award-winning campaigns for agencies like Red Tettemer, Ogilvy, The Brooklyn Brothers, TAXI, Saatchi & Saatchi, and most recently, Vayner, where he spearheaded culturally iconic work for Planters including “Death of Mr. Peanut.” He led the National Down Syndrome Society and Luvs account, whose “First Kid. Second Kid” campaign was awarded by the Effies, ADC, Clios and LIAs.
Outside of the office, Pierantozzi practices what he teaches brands. He’s gone viral multiple times on his own TikTok account, featuring comedic interactions with his son and a trombone. He’s accumulated 15K followers on TikTok.
“Mike brings a rare and awesome combination of deep social and platform experience, a keen eye for excellent storytelling, and a humble and kind approach to leadership,” said Goldberg. “Mike’s got a knack for turning brand stories into cultural movements, making him the perfect fit for Movers+Shakers. He’s got the kind of bold vision and attention to culture that fits perfectly with our mission to push creative boundaries and drive industry firsts. Plus, as a creator himself he has the innate ability to make people stop, laugh, and share--which is exactly what we’re about.”
“I’ve... Read More