LOS ANGELES (CelebrityAccess) — Live Nation shareholders are being solicited to join a new class action lawsuit against the company brought over investor losses.
The lawsuit, filed by Bernstein Liebhard LLP, alleges that Live Nation made materially false and misleading statements between February 23, 2022 and July 28, 2023. According to the suit, Live Nation failed to warn investors that the company engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues, in such a way that was “reasonably likely” to draw scrutiny from regulators.
The class action lawsuit follows news reports in July that Live Nation may face an anti-trust lawsuit from Live Nation by the end of 2023. Following the news reports, Live Nation’s stock fell by 7.8%, closing at $89.33 per share on July 28, 2023, the suit claimed.
According to the suit, Live Nation’s failure to disclose the risk exposed plaintiffs to “significant losses and damage.”
At least three other firms are preparing similar litigation against Live Nation, according to the Hollywood Reporter.
A rep from Live Nation did not immediately respond to a request for comment.
