LYV.US
id: 797
Live Nation (LYV) Investor Settlement
The parties have reached an agreement to settle the case, but the terms are still being finalized.
C.D. California
Court2:23-cv-6343
Case number02/23/2022
Class period Start11/20/2023
Class period EndLive Nation has reached a settlement with $LYV investors over claims that it used Ticketmaster to monopolize ticket sales and misled investors about regulatory risks.
Outline
Since the 2010 merger, Live Nation and Ticketmaster used their market dominance to inflate ticket fees, retaliate against venues working with competitors, and stifle competition. These practices led to multiple regulatory investigations and public backlash, causing $LYV to drop 7.8% in November 2022 and 10% in February 2023 as scrutiny intensified. After that, investors filed a lawsuit, claiming Live Nation hid regulatory risks.
Timeline
- January 2010: Live Nation and Ticketmaster merged under a DOJ consent decree aimed at preserving competition in ticketing markets.
- November 18, 2022: The NYT revealed that the DOJ had opened an antitrust investigation into Live Nation. $LYV dropped 7.8%.
- February 23, 2023: A Senate subcommittee publicly criticized Live Nation’s practices and urged DOJ action; $LYV fell 10%.
- July 28, 2023: Politico reported that the DOJ was preparing to file an antitrust lawsuit against Live Nation. $LYV dropped another 7.8%.
- August 6, 2023: Investors filed a lawsuit against Live Nation, alleging it misled them about regulatory risks.
- December 2024: Live Nation has agreed to pay a settlement to investors.
Background
In January 2010, Live Nation merged with Ticketmaster, forming the dominant force in ticket sales.
The company assured regulators that the merger would not stifle competition, but concerns mounted over the years about exclusive contracts and excessive fees.
By November 2022, the New York Times revealed that the DOJ had opened an antitrust investigation into Live Nation’s market practices, triggering a 7.8% drop in $LYV.
In February 2023, a Senate subcommittee claimed Live Nation abused its dominant position in the market, and $LYV fell another 10%.
In July 2023, Politico reported that the DOJ was preparing an antitrust lawsuit, leading to another 7.8% decline in $LYV.
On August 6, 2023, investors filed a lawsuit against Live Nation.
What Can Investors Expect Now?
Live Nation has reached a settlement with $LYV investors over claims that it used Ticketmaster to monopolize ticket sales and misled investors about regulatory risks.
If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.
Case Status
Tentative Settlement
Alleged Offence
Misleading Statements,
Fraud,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Filing date
08/06/2023
Lead Plaintiff Deadline
10/03/2023
Plaintiffs
Brian Donley
Attorneys
Glancy Prongay & Murray LLP (Los Angeles, CA), The Law Offices of Frank R. Cruz (Los Angeles, CA)
Defendants
Michael Rapino, Joe Berchtold
Judge
Hon. R. Gary Klausner
Trades matching type
FIFO