According to a law firm press release, SFX Entertainment, Inc. ("SFX" or the Company) is engaged in the production and promotion of live music festivals and events, production of music tours, selling event tickets through a ticketing platform, merchandising and related services.

The Complaint alleges that throughout the Class Period, SFX and certain of its executive officers made a series of materially false and misleading statements in connection with a proposed acquisition of SFX by Defendant. For example, the Complaint alleges that although Defendant repeatedly affirmed his commitment to acquire SFX, he and other SFX executive officers knew or recklessly disregarded, and failed to disclose to shareholders, that Defendant did not have the requisite financing in place at the time he made his proposal to acquire SFX, and knew or recklessly disregarded that Defendant would not be able to obtain the required financing to consummate the transaction.

The Complaint further alleges that, given the Company's growing debt and decreasing margins, it was not feasible that Defendant was ever going to buy the Company. Rather, Defendant initiated and maintained a sham process designed to lure third party buyout offers for SFX, all in an attempt to shed his personal SFX investment before the truth about the deterioration of the Company's finances could no longer be concealed.

On July 27, 2017, the claims against the Issuer Defendants were voluntarily dismissed.

On December 21, 2018, the Court issued an Order consolidating cases. On April 30, 2019, the parties entered into a Stipulation and Agreement of Settlement. On July 18, the parties updated the Stipulation and Agreement of Settlement and filed a Motion for Settlement. The Court granted preliminary approval of the Settlement on July 30. On December 18, the Court granted final approval of the Settlement and entered Final Judgment. On January 4, 2021, the Court issued an Order directing distribution of the Settlement fund.