NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against Eventbrite, Inc. (“Eventbrite” or the “Company”) (NYSE: EB) and certain of its management and underwriters (“Defendants”), seeking to recover damages under the federal securities laws for people who purchased Eventbrite stock pursuant and/or traceable to the Company’s initial public offering (“IPO”) in September 2018. If you acquired Eventbrite stock in the IPO, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982 for more information.
On September 19, 2018, Eventbrite conducted its IPO at $23 a share. The lawsuit alleges that in the IPO registration statement, Eventbrite stated that its acquisition of Ticketfly “had a positive impact on our net revenue growth” in the third quarter of 2017.
On March 7, 2019, however, Eventbrite reported its annual financial results, and in a related conference call, stated that the strategy to integrate Ticketfly “will impact revenues in the short-term.” On this news, shares of Eventbrite fell more than 24%, closing at $24.46 on March 8, 2019. Further, on May 1, 2019, the Company announced a first quarter loss, along with revenue, and second-quarter guidance that were both well below analysts’ estimates. On this news, Eventbrite’s stock declined more than 27%, closing at $17.60 per share.
The complaint alleges that Eventbrite made false and/or misleading statements and/or failed to disclose that, at the time of the Offering, the migration of creators from Ticketfly to Eventbrite was progressing more slowly than stated, forcing the Ticketfly integration to take longer than expected, and the Company would thereby face headwinds in revenue and growth.
What You Can Do
If you purchased Eventbrite securities in or traceable to the Company’s IPO, acquired Eventbrite securities between September 20, 2018 and March 7, 2019, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at email@example.com. The lead plaintiff deadline is June 14, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.