RADNOR, Pa., Aug. 27, 2023 (GLOBE NEWSWIRE) — The legislation agency of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs traders {that a} securities class motion lawsuit has been filed within the United States District Court for the Central District of California towards Live Nation Entertainment, Inc. (“Live Nation”) (NYSE: LYV). The motion prices Live Nation with violations of the federal securities legal guidelines, together with omissions and fraudulent misrepresentations referring to the corporate’s enterprise, operations, and prospects. As a results of Live Nation’s materially deceptive statements and omissions to the general public, Live Nation’s traders have suffered important losses.

CLICK HERE TO SUBMIT YOUR LIVE NATION LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/live-nation-entertainment-inc?utm_source=PR&utm_medium=link&utm_campaign=lyv&mktm=r

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LEAD PLAINTIFF DEADLINE: OCTOBER 3, 2023

CLASS PERIOD: FEBRUARY 23, 2022 THROUGH JULY 28, 2023

CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or through e mail at info@ktmc.com  

Kessler Topaz is among the world’s foremost advocates in defending the general public towards company fraud and different wrongdoing. Our securities fraud litigators are frequently acknowledged as leaders within the area individually and our agency is each feared and revered among the many protection bar and the insurance coverage bar. We are proud to have recovered billions of {dollars} for our purchasers and the lessons of shareholders we symbolize.

LIVE NATION’S ALLEGED MISCONDUCT
Live Nation and Ticketmaster merged in January 2010 however had been underneath a consent decree with the U.S. Department of Justice (“DOJ”) to protect competitors within the dwell occasions market. In 2019, Live Nation confronted federal scrutiny for pressuring live performance venues to make use of Ticketmaster over different programs in 5 incidents, which might have violated the consent decree. To resolve these claims, the corporate prolonged the consent decree to run out in December 2025 and added new provisions. Pursuant to the amended consent decree, Live Nation agreed to abide by a algorithm, together with not threatening to situation the supply of Live Nation live shows on a venue selecting Ticketmaster or retaliate in response to a venue selecting a ticketing service supplier aside from Ticketmaster. The firm is topic to an computerized penalty of $1 million for every violation.

The criticism alleges that, all through the Class Period, Defendants made materially false and/or deceptive statements, in addition to did not disclose materials adversarial information concerning the firm’s enterprise, operations, and prospects. Specifically, Defendants did not speak in confidence to traders that: (1) Live Nation engaged in anticompetitive conduct, together with charging excessive charges and prolonged contracts with expertise, and retaliated towards venues; (2) consequently, Live Nation was fairly more likely to incur regulatory scrutiny and face fines, penalties, and reputational hurt; and (3) because of the foregoing, Defendants’ constructive statements concerning the firm’s enterprise, operations, and prospects had been materially deceptive and/or lacked an inexpensive foundation.

The fact started to emerge on November 18, 2022, when The New York Times reported that the DOJ had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platform’s programs crashed throughout a highly-anticipated presale for Taylor Swift tickets. The ensuing chaos of disenchanted “Swifties” highlighted Live Nation’s energy over the dwell music trade, exacerbating complaints that Live Nation has “constrained competition and harmed consumers.” Following this information, Live Nation’s inventory value fell $5.64, or 7.8%, to shut at $66.21 per share on November 18, 2022.

Then, on February 23, 2023, NPR reported that, following Congressional hearings, the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights wrote to the DOJ, presenting proof that “Live Nation is harming America’s music industry.” The letter acknowledged, amongst different issues, points with Live Nation’s pricing fashions and costs, more and more lengthy contracts with rivals, and retaliatory conduct towards artists and venues that don’t wish to work with it. The senators “encourage[d]” the DOJ to take motion if it discovered Live Nation had “walled itself off from competitive pressure at the expense of the industry and fans.” Following this information, Live Nation’s inventory value fell $7.71, or 10.1%, to shut at $68.78 per share on February 24, 2023, on unusually heavy buying and selling quantity.

Finally, on July 28, 2023, Politico reported that the DOJ “could file an antitrust lawsuit against [Live Nation and Ticketmaster] by the end of the year, according to three people with knowledge of the matter.” Politico additional reported that the DOJ criticism is predicted to allege that “the entertainment giant is abusing its power over the live music industry.”   Following this information, Live Nation’s inventory value fell $7.60, or 7.8%, to shut at $89.33 per share on July 28, 2023.

WHAT CAN I DO?
Live Nation traders might, no later than October 3, 2023, transfer the Court to function lead plaintiff for the category, by means of Kessler Topaz Meltzer & Check, LLP or different counsel, or might select to do nothing and stay an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Live Nation traders who’ve suffered important losses to contact the agency immediately to amass extra info. The class motion criticism towards Live Nation, Donley v. Live Nation Entertainment, Inc., et al., Case No. 23-cv-6343, is filed within the United States District Court for the Central District of California.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a consultant social gathering who acts on behalf of all class members in directing the litigation.  The lead plaintiff is often the investor or small group of traders who’ve the biggest monetary curiosity and who’re additionally enough and typical of the proposed class of traders. The lead plaintiff selects counsel to symbolize the lead plaintiff and the category and these attorneys, if authorized by the courtroom, are lead or class counsel. Your capability to share in any restoration just isn’t affected by the choice of whether or not or to not function a lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts all through the nation and world wide. The agency has developed a world status for excellence and has recovered billions of {dollars} for victims of fraud and different company misconduct. All of our work is pushed by a standard objective: to guard traders, shoppers, staff and others from fraud, abuse, misconduct and negligence by companies and fiduciaries. The criticism on this motion was not filed by Kessler Topaz Meltzer & Check, LLP. For extra details about Kessler Topaz Meltzer & Check, LLP please go to www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
info@ktmc.com