RADNOR, Pa., May 06, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Live Nation Entertainment, Inc. (NYSE:LYV) (“Live Nation” or the “Company”) on behalf of purchasers of the Company’s securities between February 23, 2017 and March 30, 2018, inclusive (the “Class Period”).
Live Nation investors are encouraged to visit www.kaskelalaw.com/case/live-nation-entertainment-inc/ to receive additional information about this action and submit their information online. Investors may also contact attorney D. Seamus Kaskela at (888) 715 – 1740, or via email at email@example.com, to discuss their legal rights and options with respect to this action.
Live Nation produces live concerts and sells tickets to those events over the internet. The Company owns and operates over 195 venues throughout the world, and the Company significantly expanded its ticketing services with the purchase of Ticketmaster Entertainment (“Ticketmaster”) in 2010. In order to acquire Ticketmaster, Live Nation agreed to the terms of an antitrust consent decree with the Department of Justice (the “Consent Decree”). The Consent Decree contained specific rules to prevent the Company from monopolizing live music promotion and ticketing.
On April 1, 2018, after the close of the market, The New York Times published an article alleging that the Company had failed to abide by the terms of the Consent Decree aimed to prevent Live Nation from monopolizing the market for live musical performances. Following this news, shares of the Company’s stock fell $3.97 per share, or 9.4%, to close on April 2, 2018 at $38.17 per share.
The shareholder class action complaint alleges that Live Nation and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) that the Company failed to abide by the terms of the Consent Decree; and (ii) the Company lacked adequate internal controls to prevent a violation of the Consent Decree. The complaint further alleges that, as a result of the foregoing, investors purchased Live Nation’s common stock at artificially inflated prices during the Class Period and sustained significant investment losses when the truth was revealed.
Investors who purchased Live Nation securities during the Class Period may, no later than June 18, 2018, seek to be appointed as a lead plaintiff representative of the class through Kaskela Law or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff a class member must meet certain legal requirements.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.