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Live Nation Entertainment, Inc.

Lead Plaintiff Deadline 10/03/2023

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Live Nation Entertainment, Inc. (“Live Nation” or the “Company”) (NYSE: LYV) securities during the period from February 23, 2020 through July 28, 2023 (the “Class Period”). Investors have until October 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Live Nation produces live concerts and provides ticketing services for arenas, sports franchises, performing arts venues, museums and theaters. 

On November 18, 2022, the New York Times reported that the Department of Justice (DOJ) had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platforms’ systems crashed during a highly-anticipated presale for Taylor Swift tickets. The article reported that the DOJ had recently “contacted music venues and players in the ticket market, asking about Live Nation’s practices and the wider dynamics of the industry,” and that the “inquiry appears to be broad, looking at whether the company maintains a monopoly over the industry.” On this news, the price of Live Nation shares declined by $5.64 per share, or approximately 7.85%, from $71.85 per share to close at $66.21 on November 18, 2022.

On February 23, 2023, NPR reported that the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights called on the DOJ to continue its examination of the “anticompetitive conduct” of Live Nation, citing issues with Live Nation’s pricing models and fees, increasingly long contracts with competitors, and alleged retaliation against artists and venues that do not want to work with it. That same day, Live Nation filed its 2022 Form 10-K. The Company refuted allegations of its monopoly on the industry and attributed the “degraded website experience” of customers during the Taylor Swift incident to hackers and “bots.” On this news, the price of Live Nation shares declined by $7.71 per share, or approximately 10.07%  from $76.49 per share to close at $68.78 on February 24, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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) that, as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm.

Live Nation Entertainment, Inc. Investor Contact Form