Live Nation is under fire with an investigation by the former Attorney General of Louisiana.
The former AG of Louisiana, Charles C. Foti, Jr., Esq., announced that the law firm of Khan Swick & Foti LLC (KSF) — which he is a partner of — opened an investigation, focusing on whether or not Live Nation’s officers or directors breached their fiduciary duties to its shareholders or violated state or federal laws.
Anyone with information that would assist KSF in the investigation is urged to reach out here.
In August 2023, a securities class action lawsuit was filed against Live Nation over the company’s allegedly false or misleading statements about their business operations. The suit claims that Live Nation issued “statements that were materially false and misleading” by failing to disclose that “Live Nation engaged in anti-competitive conduct including entering into extended restrictive contracts with artists and venues, charging high fees for its ticketing services, and retaliating against venues for working with alternative promoters or ticketing services.”
At the end of February, U.S. District Judge Kenly Kato denied Live Nation’s motion to dismiss the lawsuit, enabling the case to move forward. Kato found that Live Nation may have violated securities laws, noting the suit contains “cogent and compelling” allegations regarding the company’s choice “not to disclose the full picture” of its success or antitrust concerns.
This is the latest news in the saga against Live Nation and its subsidiary Ticketmaster following “The Great War” presale debacle for Taylor Swift’s Eras Tour. The Department of Justice launched an investigation into the pair’s 2010 merger, and it was reported that federal prosecutors could sue the company for an antitrust suit by the end of 2023.
Earlier this year, Live Nation Entertainment revealed its full year and fourth quarter earnings for 2023, marking its “biggest year yet” and further highlighting its stranglehold of the entertainment industry. According to the promoter, revenue was up 36% to $22.7 billion last year with an operating income up 46% to $1.07 billion. Live Nation reported all-time highs for attendance, ticket sales, and sponsorship activity, with over 145 million fans attending over 50,000 events. In terms of concerts, revenue increased by 39% to $18.8 billion.
