Please complete this form relating to your transactions in Live Nation Entertainment, Inc. (NYSE: LYV) securities between February 23, 2022 and July 28, 2023, both dates inclusive (the “Class Period”).
You may also contact Jonathan Naji, Esq. (484) 270-1453; or you may submit your information via email at email@example.com; or you may click here to print a PDF of this form.
Live Nation investors may receive additional information about the case by clicking the link "Submit Your Information" above. If you are a member of the class described below, you may no later than October 3, 2023 move the Court to serve as lead plaintiff of the class, if you so choose.
A class action lawsuit has been filed on behalf of those who purchased or acquired Live Nation Entertainment, Inc. (“Live Nation”) (NYSE: LYV) securities between February 23, 2022 and July 28, 2023, both dates inclusive (the “Class Period”).
Live Nation and Ticketmaster merged in January 2010 but were under a consent decree with the U.S. Department of Justice (“DOJ”) to preserve competition in the live events market. In 2019, Live Nation faced federal scrutiny for pressuring concert venues to use Ticketmaster over other systems in five incidents, which would have violated the consent decree. To resolve these claims, the company extended the consent decree to expire in December 2025 and added new provisions. Pursuant to the amended consent decree, Live Nation agreed to abide by a set of rules, including not threatening to condition the provision of Live Nation concerts on a venue choosing Ticketmaster or retaliate in response to a venue choosing a ticketing service provider other than Ticketmaster. The company is subject to an automatic penalty of $1 million for each violation.
The complaint 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 that: (1) Live Nation engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues; (2) as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm; and (3) 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.
The truth began to emerge 0n November 18, 2022, when 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 Live Nation has “constrained competition and harmed consumers.” Following this news, Live Nation’s stock price fell $5.64, or 7.8%, to close at $66.21 per share on November 18, 2022.
Then, on February 23, 2023, 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 stated, among other things, 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.” Following 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, 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.” Following this news, Live Nation’s stock price fell $7.60, or 7.8%, to close at $89.33 per share on July 28, 2023.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at firstname.lastname@example.org. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.