Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Live Nation Entertainment, Inc. (“Live Nation” or “the Company”) (NASDAQ: LYV) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Live Nation securities from February 23, 2022 through July 28, 2023 (the “Class Period”). Investors who acquired Live Nation securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is October 3, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Live Nation securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST LIVE NATION ENTERTAINMENT, INC.
On November 18, 2022, The New York Times reported that the DOJ had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platform’s systems crashed during a highly-anticipated presale for Taylor Swift tickets. The ensuing chaos of disappointed “Swifties” highlighted Live Nation’s power over the live music industry, exacerbating complaints that the Company has “constrained competition and harmed consumers.” On this news, Live Nation’s stock price fell $5.64, or 7.8%, to close at $66.21 per share on November 18, 2022, on unusually heavy trading volume. Then, on February 23, 2023 at 3:30 p.m. Eastern time, NPR reported that, following Congressional hearings, the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights wrote to the DOJ, presenting evidence that “Live Nation is harming America’s music industry.” The letter cited issues with Live Nation’s pricing models and fees, increasingly long contracts with competitors, and retaliatory behavior against artists and venues that don’t want to work with it. The senators “encourage[d]” the DOJ to take action if it found Live Nation had “walled itself off from competitive pressure at the expense of the industry and fans.” On this news, Live Nation’s stock price fell $7.71, or 10.1%, to close at $68.78 per share on February 24, 2023, on unusually heavy trading volume. Then, on July 28, 2023 at 3:13 p.m. Eastern time, Politico reported that the DOJ “could file an antitrust lawsuit against [Live Nation and Ticketmaster] by the end of the year, according to three people with knowledge of the matter.” Politico further reported that the DOJ complaint is expected to allege that “the entertainment giant is abusing its power over the live music industry.” On this news, Live Nation’s stock price fell $7.60, or 7.8%, to close at $89.33 per share on July 28, 2023, on unusually heavy trading volume. The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Live Nation engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues; (2) that, as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
ABOUT LIVE NATION ENTERTAINMENT, INC.
What is Live Nation?
- Live Nation Entertainment is a global entertainment company that operates in various segments of the entertainment industry, primarily focused on live events and experiences. The company is involved in the production, promotion, and management of live concerts, festivals, and other live entertainment events. They also provide artist management services and operate a ticketing platform.
How are Live Nation and Ticketmaster related?
- Ticketmaster is a subsidiary of Live Nation Entertainment and is one of the world’s largest ticketing platforms. It provides a platform for selling tickets to various live events, including concerts, sports events, theater shows, and more. Ticketmaster allows customers to purchase tickets online or through their app, and it also offers services like seat selection, event information, and mobile ticketing.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Live Nation during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 3, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Live Nation are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
