Legal Proceedings
−Removed: As previously reported, two lawsuits were filed against Royal Caribbean Cruises Ltd.
−Removed: in August 2019 in the U.S.
−Removed: District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act.
+Added: As previously reported, two lawsuits were filed against us in August 2019 in the U.S.
+Added: District Court for the Southern District of Florida (the "Court") under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act.
The complaint filed by Havana Docks Corporation ("Havana Docks Action") alleges it holds an interest in the Havana Cruise Port Terminal, and the complaint filed by Javier Garcia-Bengochea (the "Port of Santiago Action") alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban government.
−Removed: The complaints further allege that Royal Caribbean Cruises Ltd.
−Removed: trafficked in those properties by embarking and disembarking passengers at these facilities.
+Added: The complaints further allege that we trafficked in those properties by embarking and disembarking passengers at these facilities.
The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs.
−Removed: Royal Caribbean Cruises Ltd.
−Removed: filed its answer to each complaint in October 2019 and on October 15, 2020, and the Court dismissed the Port of Santiago Action with prejudice on the basis that the plaintiffs in that action lacked standing to bring the claim.
−Removed: This decision has been appealed by the plaintiffs.
+Added: In the Havana Docks Action, we and the plaintiff have filed motions for summary judgment, which were heard by the Court in January 2022.
+Added: The Havana Docks Action is scheduled for trial on May 23, 2022.
+Added: The Court dismissed the Port of Santiago Action with prejudice on the basis that the plaintiff lacked standing, and the plaintiff’s appeal of the dismissal is awaiting a decision by the appellate court.
We believe we have meritorious defenses to the claims alleged in both the Havana Docks Action and the Port of Santiago Action, and we intend to vigorously defend ourselves against them.
−Removed: We believe that it is unlikely that the outcome of either action will have a material adverse impact to our financial condition, results of operations or cash flows.
−Removed: However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and there can be no assurances that the final outcome of this case will not be material.
−Removed: As previously reported, on October 7, 2020, a shareholder filed a putative class action complaint against us, and three officers, Richard Fain, Jason Liberty and Michael Bayley, in the United States District Court for the Southern District of Florida (the "Court"), alleging misrepresentations relating to COVID-19 in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, seeking unspecified damages on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired our securities from February 4, 2020 through March 17, 2020.
−Removed: As previously disclosed, on October 27, 2020, a second complaint was filed by another shareholder against us and these same officers in the Court alleging the same misrepresentations relating to COVID-19.
−Removed: As is the case with the first action, the second action seeks unspecified damages on behalf of a purported class consisting of all persons and entities (subject to specified exceptions) that purchased or otherwise acquired our securities from February 4, 2020 through March 17, 2020.
−Removed: On December 23, 2020, these cases were consolidated with a new lead plaintiff, Indiana Public Retirement System.
−Removed: We cannot predict the duration or outcome of this lawsuit at this time, although management believes the claims are without merit.
−Removed: Depending on how this case progresses, it could be costly to defend and could divert the attention of management and other resources from operations.
−Removed: Accordingly, even if ultimately resolved in our favor, this action could have a material adverse effect on our business, financial condition, results of operations and liquidity.
−Removed: On February 25, 2021, the lead plaintiff filed with the Court a voluntary dismissal of the action without prejudice.
−Removed: We are also routinely involved in other claims, regulatory investigations and inquiries, and consumer complaints, including those related to COVID-19, that are typical within the travel and tourism vacation industry.
+Added: The outcome of litigation is inherently unpredictable and subject to significant uncertainties, and there can be no assurances that the final outcome of either case will not be material.
+Added: We are also routinely involved in claims typical within the travel and tourism vacation industry.
The majority of these claims are covered by insurance.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.