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SeaWorld CEO Struggles to Gain Wall Street’s Faith in Turnaround

  • Stock falls 8.9% in June amid DOJ probe, chairman’s ouster
  • Short interest shows investors betting on further stock drop
Patrons watch Orcas from the underwater viewing area at the Shamu Up Close attraction at Sea World in Orlando, Florida, on Jan. 7, 2014.
Photographer: Joshua C. Cruey/Orlando Sentinel/MCT via Getty Images

Two years into his effort to turn around SeaWorld Entertainment Inc., Chief Executive Officer Joel Manby is losing the support of investors.

SeaWorld shares fell more than 8 percent last month and are down almost 19 percent since Manby came in to fix the company. The number of investors betting the stock will fall stands at a record 23.5 million shares, or more than a third of those available for trading. Also telling: investors voted last month to oust Chairman David D’Alessandro and reject the company’s pay plan.