The Legislation Places of work of Frank R. Cruz has declared that it’s investigating potential claims in opposition to the board of administrators of Stay Nation Leisure, Inc. (“Stay Nation” or the “Firm”) (NYSE: LYV) regarding whether or not the board breached its fiduciary duties to shareholders, in accordance with the release published on Business Wire January 26.
The assertion on the legislation agency’s web site factors out to the U.S. Division of Justice’s opening an antitrust investigation throughout 2022 relating to whether or not Stay Nation has abused its energy over the multibillion-dollar dwell music business.
The agency states their investigation issues whether or not the Firm’s board of administrators breached its fiduciary duties to shareholders and/or grossly mismanaged the Firm in reference to the above alleged misconduct.
The assertion continues as follows:
“In the event you nonetheless maintain Stay Nation shares bought earlier than January, 2022 and want to focus on this matter with us, or have any questions regarding your rights and pursuits on the subject of this matter, please contact Frank R. Cruz, of The Legislation Places of work of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by electronic mail to [email protected], or go to our web site at www.frankcruzlaw.com. In the event you inquire by electronic mail please embrace your mailing handle, phone quantity and variety of shares bought.”
The Legislation Places of work of Frank R. Cruz’s investigation announcement got here two days after last week’s Senate hearing (January 24) taking a look at competitors issues with Stay Nation/Ticketmaster and the business as an entire.
Customers throughout the nation spoke out in opposition to most of the practices they face whereas buying tickets for and attending dwell occasions, significantly within the wake of the Taylor Swift Eras Tour sales process within the fall. That stress spurred legislators into motion, resulting in Tuesday’s listening to.
The listening to was an opportunity for the 5 witnesses to supply their suggestions to members of the senate, and have it entered into the general public report.
One of many strongest moments of the testimony got here from Clyde Lawrence, a singer/songwriter from the band Lawrence, laying out the problems that artists face making their method by the leisure enterprise the place Stay Nation is the biggest promoter, ticketer, and venue operator on this planet.
SeatGeek CEO Jack Groetzinger additionally took the ground and pushed again on Stay Nation Leisure’s President and CFO Joe Berchtold’s claims that the corporate received its dominant place by offering the most effective service to its shoppers when he talked about about Barclay’s Heart management had been fearful that Stay Nation would ship reveals to different venues within the New York market – a concern which finally led them to modify after only one 12 months from utilizing SeatGeek to ticket its occasions (and the NBA’s Nets) again to Ticketmaster.
The most recent improvement is a joint statement, issued by the Way forward for Music Coalition, Artist Rights Alliance, American Affiliation of Impartial Music, Music Employees Alliance, and Union of Musicians & Allied Employees, which asks that steps ought to be taken to interrupt up LiveNation/Ticketmaster. It focuses on the business facet of the dominating nature of the Stay Nation Leisure/Ticketmaster enterprise, and the way that negatively impacts others within the house.
Final Up to date on February 2, 2023 by Dave Clark
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