NEW YORK, NY (CelebrityAccess) – A New York-based law firm yesterday announced that a class action lawsuit has been filed on behalf of shareholders of Live Nation Entertainment, Inc. who purchased shares in the global entertainment giant between February 23, 2017 and March 30, 2018.
The action, which was filed in the United States District Court for the Central District of California, alleges that Live Nation violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) the Company failed to abide by the terms of the Consent Decree; (2) the Company lacked adequate internal controls to prevent a violation of the Consent Decree; (3) as a result of the foregoing, the Company’s financial statements and statements about Live Nation’s business, operations, and prospects, were materially false and misleading at all relevant times.
The announcement arrives on the heels of a New York Times report from April 1, 2018, that indicated the U.S. Department of Justice was investigating whether some of Live Nation’s business practices were in violation of a consent decree negotiated in connection with the approval of Live Nation’s 2010 merger with Ticketmaster.
According to a release published by The Klein Law Firm, shareholders have until June 18, 2018 to petition the court for lead plaintiff status.