Live Nation Entertainment, Inc. ("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, and the Company significantly expanded its ticketing services with the purchase of Ticketmaster Entertainment (“Ticketmaster”) in 2010.
According to the law firm press release, on April 2, 2018, The New York Times reported that U.S. Department of Justice officials were looking into “serious accusations” against Live Nation regarding possible antitrust violations. On this news, Live Nation’s share price fell $3.97, or 9.4% on April 2, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made 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: (1) that the Company failed to abide by the terms of a Department of Justice 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 Defendants’ statements about Live Nation’s business, operations, and prospects, were materially false and misleading at all relevant times.
On June 27, 2018, the Court issued an Order appointing Co-Lead Plaintiffs and Co-Lead Counsel.