Live Nation Entertainment, Inc. Class Action Lawsuit - LYV
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The Live Nation class action lawsuit seeks to represent purchasers or acquirers of Live Nation Entertainment, Inc. (NYSE: LYV) securities between February 23, 2022 and July 28, 2023, inclusive (the “Class Period”). Captioned Donley v. Live Nation Entertainment, Inc., No. 23-cv-06343 (C.D. Cal.), the Live Nation class action lawsuit charges Live Nation and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Live Nation class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Live Nation class action lawsuit must be filed with the court no later than October 3, 2023.
CASE ALLEGATIONS: Live Nation owns, operates, and has exclusive booking rights for a number of global entertainment venues. Through Ticketmaster, Live Nation provides ticket sales and resale services for concerts, sporting events, performing arts experiences, festivals, museums, and theaters. Live Nation and Ticketmaster merged in 2010 and subsequently agreed to a consent decree with the U.S. Department of Justice (“DOJ”) whereby Live Nation agreed to abide by a set of rules intended to preserve competition in the live events market. This consent decree is set to expire in December 2025.
The Live Nation class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Live Nation engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues; and (ii) as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm.
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. On this news, the price of Live Nation stock declined nearly 8%.
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 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, the price of Live Nation stock declined more than 10%.
Thereafter, 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.” On this news, the price of Live Nation stock declined nearly 8%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Live Nation securities during the Class Period to seek appointment as lead plaintiff of the Live Nation class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Live Nation class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Live Nation class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Live Nation class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.