Six Flags Entertainment Corporation (FUN) saw its stock plummet by 5.02% during intraday trading, as investors reacted to news of a shake-up in a major shareholder group. Jana Partners, which holds approximately 9% economic interest in the theme park operator, announced that Dave Habiger has de-grouped from their investor coalition.

The departure of Habiger from the Jana-led group has raised concerns among investors about potential changes in strategy or pressure on Six Flags' management. Jana Partners, known for its activist investing approach, stated that Habiger's exit would allow him to "pursue a complementary opportunity involving the Company," though details of this opportunity were not disclosed.

This development comes at a time when Six Flags has been facing challenges in the competitive theme park industry. The market's negative reaction suggests that investors may be worried about the implications of this change in the activist investor group's composition. It remains to be seen how this will affect Jana Partners' influence on Six Flags' future direction and whether it will lead to any significant shifts in the company's strategy or leadership.