Shares of theme park operator Six Flags Entertainment are trading lower, following news the company is retiring the X2 roller coaster in the company's Magic Mountain park.
In Tuesday afternoon trading, the company's shares were trading 2.9% lower, at $11.20.
A statement on the company's website from Park President of Six Flags Magic Mountain Brian Oerding said although the attraction passed numerous safety tests, "we have decided to close the ride because we believe it's the right thing to do. Ride safety is a cornerstone of our business, and when we see guest confidence affected, we take it seriously."
Several lawsuits had been filed alleging the roller coaster caused injuries to riders, according to media reports.
Earlier this month, The Wall Street Journal said activist investor Jana Partners urged Six Flags to explore a sale.