LYV Investor Announcement

Kessler Topaz Meltzer & Check, LLP Announces October 3, 2023 Lead Plaintiff Deadline in Securities Fraud Class Action Lawsuit Filed Against Live Nation Entertainment, Inc. (LYV) - Seite 2

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 on 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.

Finally, 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.