In a deal worth $20 million, Live Nation has consented to compensate its investors due to allegations that they were not informed about potential risks associated with certain business practices, which ultimately led the company to face possible antitrust legal action by federal authorities.
Representatives for Live Nation declined to comment on the settlement.
The agreement follows a 2023 class action lawsuit that alleged a well-known concert promoter in Beverly Hills, specifically Ticketmaster, had been dishonest about their business practices. These practices, as per the suit, involved charging excessive fees, bundling services, and retaliation against venues using non-Ticketmaster ticketing services. The lawsuit suggested that these actions exposed the company to potential legal issues, such as a Justice Department investigation after the Taylor Swift Eras Tour on-sale fiasco. This incident eventually led to a federal antitrust suit demanding the dissolution of Live Nation, Ticketmaster’s parent company.
The lawsuit alleges that Live Nation gave false information to investors by stating they don’t participate in activities that could lead to antitrust lawsuits or require changes to their core business operations. Instead, it should have been disclosed that such practices might attract regulatory attention, leading to fines, penalties, and potential damage to its reputation, according to the lawsuit.
In 2019, the Justice Department accused Live Nation of breaching the conditions of its 2010 merger with Ticketmaster. The allegations stated that Live Nation forced venues to use Ticketmaster’s ticketing system if they wanted to book Live Nation artists, and it retaliated against venues that chose not to comply.
The lawsuit involving multiple investors, who purchased Live Nation stocks between February 23rd, 2022, and May 22nd, 2024, and experienced losses, has reached a settlement. In the recently submitted court filing, both parties referred to this settlement as a “fair, reasonable, and adequate” resolution.
The class action lawsuit involved investors who bought Live Nation shares between February 23rd, 2022, and May 22nd, 2024, resulting in losses. The filing submitted last Friday described the settlement as a “fair, reasonable, and adequate” solution for both sides.
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2025-03-25 01:01