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LIVE NATION ALERT: Bragar Eagel & Squire, P.C. is Investigating Live Nation Entertainment, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm
LYVLive Nation Entertainment(LYV) GlobeNewswire News Room·2024-09-26 01:00

Core Viewpoint - Live Nation Entertainment, Inc. is facing potential legal claims from long-term stockholders due to allegations of breaching fiduciary duties and engaging in anticompetitive conduct during a specified class period [1][5]. Group 1: Legal Investigations and Complaints - A class action complaint was filed against Live Nation on August 4, 2023, covering the period from February 23, 2022, to July 28, 2023 [1]. - The Department of Justice (DOJ) opened an antitrust investigation into Live Nation and Ticketmaster following a ticketing system crash during a Taylor Swift presale event, which raised concerns about the company's market power [2]. - The Senate Judiciary Subcommittee expressed concerns that Live Nation is harming the music industry, citing issues with pricing models, long contracts, and retaliatory actions against artists and venues [3]. Group 2: Stock Price Reactions - Following the DOJ's investigation announcement on November 18, 2022, Live Nation's stock price fell by 5.64,or7.85.64, or 7.8%, closing at 66.21 per share [2]. - After the Senate's letter to the DOJ on February 23, 2023, the stock price dropped by 7.71,or10.17.71, or 10.1%, closing at 68.78 per share [3]. - On July 28, 2023, news of a potential antitrust lawsuit led to a decline in stock price by 7.60,or7.87.60, or 7.8%, closing at 89.33 per share [4]. Group 3: Allegations of Misconduct - The class action complaint alleges that Live Nation made materially false or misleading statements and failed to disclose adverse facts about its business practices, including anticompetitive conduct and potential regulatory scrutiny [5].