Kaskela Law LLC is investigating Live Nation Entertainment, Inc. (NYSE: LYV) (“Live Nation”) on behalf of the company’s long-term shareholders.
Recently an amended securities fraud complaint was filed against Live Nation on behalf of certain investors who purchased shares of the company’s stock between February 23, 2022 and November 20, 2023. According to the complaint, during that time period Live Nation and certain of the company’s senior executives made a series of materially false and/or misleading statements about Live Nation’s compliance with antitrust laws, its cooperation with governmental investigations, and the regulatory risks it was facing.
As detailed in the complaint, 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,’” which “revealed to the market for the first time the likelihood that the DOJ would not just investigate but actually file an antitrust lawsuit against the Company based on its abuse of its monopoly power in the live music industry.” Following this news, shares of Live Nation’s stock fell $7.60 per share, or 7.8% in value.
Then, on November 20, 2023, CNBC “reported that a Senate investigative subcommittee had issued a subpoena to Live Nation and its Ticketmaster subsidiary ‘for information regarding ticket pricing and fees after a months-long probe that had not been previously announced,’” which revealed for the first time that Live Nation had ‘stonewalled’ (not fully cooperated with) the Senate Subcommittee’s investigation into the Company’s unfair practices and misuse of monopoly power.” Following this additional news, shares of Live Nation’s stock fell $2.78 per share, or approximately 3% in value.
The investigation seeks to determine – on behalf of the company’s current shareholders – whether the members of Live Nation’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct.
Current Live Nation shareholders who purchased or acquired LYV shares prior to February 23, 2022 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 715 – 1740 or (484) 229 – 0750, or by completing the form on this page, for additional information about this investigation and their legal rights and options.