Live Nation Entertainment faces a new shareholder lawsuit alleging executives and board members approved anti-competitive practices, potentially exposing the company to significant financial losses.

The lawsuit, filed by John Williams, names CEO Michael Rapino, CFO Joe Berchtold, and Oak View Group CEO Tim Leiweke. It follows the U.S. Department of Justice's action against Live Nation and Ticketmaster for alleged anticompetitive practices, with the DOJ seeking to force Live Nation to divest Ticketmaster due to violations of their 2010 merger agreement.

Key allegations in the lawsuit include:

• Board members caused Live Nation to engage in anti-competitive conduct despite the consent decree
• Company leadership misrepresented their cooperation with federal investigators
• Live Nation and Oak View Group colluded instead of competing, establishing a "mutually beneficial scheme" that violated competition law
• Oak View Group's Leiweke acted as a 'pimp' for Live Nation, delivering threats to venues considering alternative ticket providers

The lawsuit claims these actions have led to significant legal expenses and potential damages to Live Nation and its shareholders. Internal emails and correspondence cited in the DOJ investigation reportedly demonstrate these antitrust violations.

Related Articles

Previous Articles