SOURCE: Saxena White P.A.

September 09, 2011 23:50 ET

Saxena White P.A. Reminds Shareholders of Royal Caribbean Cruises Ltd. of Upcoming October 3, 2011 Lead Plaintiff Deadline

BOCA RATON, FL--(Marketwire - Sep 9, 2011) - Saxena White P.A., which has filed a class action lawsuit in the United States District Court for the Southern District of Florida on behalf of investors who purchased Royal Caribbean Cruises Ltd. ("Royal Caribbean" or the "Company") (NYSE: RCL), reminds investors that the deadline to serve as lead plaintiff is October 3, 2011. If you wish to serve as a lead plaintiff, please contact Saxena White as soon as possible for more information. The class period is April 23, 2009 through July 27, 2011, inclusive (the "Class Period").

Royal Caribbean is a global cruise company operating a fleet of vessels in the cruise vacation industry. The Complaint alleges that throughout the Class Period, defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company improperly accounted interest expenses related to the amortization of certain financing fees related to certain of the Company's export credit agency guaranteed loans; (2) the Company lacked adequate internal and financial controls; and (3) as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.

On July 27, 2011, after the market closed, the Company disclosed "an error in the previous accounting treatment of interest expense relating to its amortization of certain financing fees and has revised its past financial statements to reflect the correct accounting." As a result of the "error," the Company admitted that it had overstated the earnings per share ("EPS") for 2009, 2010, and the first quarter of 2011 by $0.05, $0.15 and $0.06, respectively. The Company also reduced its full-year earnings guidance by $0.10 per share excluding the "error," and by an additional $0.20 per share upon correcting the "error," rending the Company's new outlook for 2011 EPS to a range of $2.85-$2.95, down from a previous range of $3.10-$3.30.

On this news, the Company's shares declined $4.50 or more than 12.5% and closed at $31.26 the following day.

You may obtain a copy of the complaint and join the class action at If you purchased the shares of Royal Caribbean Cruises Ltd between the period of April 23, 2009 through July 27, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.

Saxena White P.A., which has offices in Boca Raton, Boston and Montana, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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