RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Live Nation Entertainment, Inc. (NYSE: LYV) (“Live Nation”) on behalf of purchasers of Live Nation common stock between February 23, 2017 and March 30, 2018, inclusive (the “Class Period”).
Live Nation investors who purchased securities during the Class Period may, no later than June 18, 2018, seek to be appointed as a lead plaintiff representative of the class.
Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or Adrienne Bell at (888) 299-7706 or online at: https://www.ktmc.com/new-cases/live-nation-entertainment-inc#join
According to the complaint, Live Nation produces live concerts and sells tickets to those events over the internet. The company owns and operates over 195 venues throughout the world. The company significantly expanded its ticketing services with the purchase of Ticketmaster Entertainment ("Ticketmaster") in 2010. During the course of acquiring Ticketmaster, Live Nation agreed to the terms of an antitrust consent decree (the "Consent Decree") with the Department of Justice. The Consent Decree contained specific rules to prevent the company from monopolizing live music promotion and ticketing.
The Class Period commences on February 23, 2017, when Live Nation filed its annual report on Form 10-K for the period ended December 31, 2016. The company stated that, "we believe that we are materially in compliance with [federal, state and local laws]...governing primary ticketing and ticket resale services."
According to the complaint, on April 1, 2018, The New York Times published a story entitled "Roster of Stars Lets Live Nation Flex Ticket Muscles, Rivals Say." The article alleged that Live Nation failed to abide by the terms of the Consent Decree aimed to prevent it and Ticketmaster from monopolizing the market for live musical performances.
Following this news, Live Nation's stock price fell $3.97 per share, or almost 10%, to close at $38.17 per share on April 2, 2018. The following trading session, Live Nation stock continued its decline, dropping $1.56 per share, or over 4%, to close on April 3, 2018 at $36.61 per share.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) that the company failed to abide by the terms of the Consent Decree; (2) that the company lacked adequate internal controls to prevent a violation of the Consent Decree; and (3) that, as a result of the foregoing, the company's financial statements and the defendants' statements about Live Nation's business, operations, and prospects, were materially false and misleading at all relevant times.
Live Nation shareholders may, no later than June 18, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.