Six Flags:  Witnesses’ Scienter Allegations Did Not Support Investor Claims

Mealey's (December 1, 2021, 2:22 PM EST) -- NEW ORLEANS — A Fifth Circuit U.S. Court of Appeals panel should allow a federal district court’s dismissal of claims in a shareholder class action lawsuit brought against Six Flags Entertainment Corp. and two of its former senior executives stemming from the defendants’ alleged misrepresentations regarding the company’s theme park expansion in China to stand because the district court correctly applied Fifth Circuit law in discounting the scienter allegations provided by two former Six Flags employees, Six Flags and former executives argue in a Nov. 24 appellee brief filed in the appellate court....