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LYV.US
id: 797

Live Nation Entertainment, Inc. (LYV) Antitrust Case

C.D. California
Court
2:23-cv-6343
Case number
23 Feb 2022
Class period Start
28 Jul 2023
Class period End
03 Oct 2023
Lead Plaintiff motion deadline
  • Politico reported that DOJ could file an antitrust lawsuit against Live Nation over abusing its power over the live music industry.
  • $LYV fell 7.8% and lost $1.75 billion of its market capitalization.
  • Investors suspect Live Nation of failing to disclose that it engaged in anticompetitive conduct, including charging high fees.
On July 28, 2023, Politico reported that the DOJ “could file an antitrust lawsuit against Live Nation (LYV) by the end of the year, according to three people with knowledge of the matter.”

Politico further reported that the DOJ complaint is expected to allege that “the entertainment giant is abusing its power over the live music industry.

On this news, $LYV fell 7.8% and lost $1.75 billion of its market capitalization.
  • Earlier, 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 evidence that “Live Nation is harming America’s music industry.” The letter cited issues with Live Nation’s pricing models and fees, increasingly long contracts with competitors, and retaliatory behavior against artists and venues that don’t want to work with it. The senators “encouraged” the DOJ to take action if it found Live Nation had “walled itself off from competitive pressure at the expense of the industry and fans.” On this news, $LYV fell 10.1%.
  • On November 18, 2022, The New York Times reported that the DOJ had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platform’s systems crashed during a highly-anticipated presale for Taylor Swift tickets. The ensuing chaos of disappointed “Swifties” highlighted Live Nation’s power over the live music industry, exacerbating complaints that the Company has “constrained competition and harmed consumers.” On this news, $LYV fell 7.8%, damaging investors.
Taking all facts into account, Investors have reasons to suspect Live Nation of misconduct and failing to disclose that it engaged in anticompetitive conduct, including charging high fees and extending contracts with talent, and retaliating against venues.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements
Fraud
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 July 2023
Filing date
06 August 2023
Lead Plaintiff Deadline
03 October 2023
Judge
Hon. R. Gary Klausner
Collecting participants…

Live Nation Entertainment Inc

Live Nation Entertainment, Inc. operates as a live entertainment company worldwide. It operates through Concerts, Ticketing, and Sponsorship & Advertising segments. The Concerts segment promotes li...

    Ticker
    LYV.US
    ISIN
    US5380341090
    CIK
    1335258
    Sector
    Communication Services
    Industry
    Entertainment
    Country
    USA
    Address
    9348 Civic Center Drive, Beverly Hills, CA, United States, 90210