🎫 Ticketing News: ‘Live Nation Board Allegedly Hid Anticompetitive Acts, DOJ Risks’ 🤔
⚖ A shareholder has filed a derivative complaint against Live Nation Entertainment Inc., alleging that the company's directors concealed anticompetitive misconduct in public disclosures before a Department of Justice (#DOJ) investigation revealed antitrust concerns. The lawsuit, filed in a California district court, follows a proposed class action lawsuit against the company and certain executives in August, which highlighted stock drops after the DOJ announced its investigation.
🚫 The derivative suit claims that the directors and CEO misled investors by omitting or misrepresenting details about Live Nation's anticompetitive behavior, including extended restrictive contracts, high fees for ticketing services, and retaliatory actions against venues working with alternative promoters or ticketing services.
⏳The lawsuit also mentions Live Nation's 2010 merger with Ticketmaster, which included a consent decree from the DOJ. - The plaintiff seeks damages and pre-judgment interest on Live Nation's behalf for alleged violations of the Securities Exchange Act, as well as legal fees.
🔎 Check out the complaint - suit at Bloomberg Law below ⤵
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