NEW YORK, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Live Nation Entertainment, Inc. (NYSE: LYV), Bausch Health Companies, Inc. (NYSE: BHC), and Applied Digital Corporation (NASDAQ: APLD). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Live Nation Entertainment, Inc. (NYSE: LYV)
Class Period: February 23, 2022 – July 28, 2023
Lead Plaintiff Deadline: October 3, 2023
On November 18, 2022, The New York Times reported that the DOJ had opened an antitrust investigation into Ticketmaster and Live Nation after the ticketing platform’s systems crashed during a highly-anticipated presale for Taylor Swift tickets. The ensuing chaos of disappointed “Swifties” highlighted Live Nation’s power over the live music industry, exacerbating complaints that the Company has “constrained competition and harmed consumers.”
On this news, Live Nation’s stock price fell $5.64, or 7.8%, to close at $66.21 per share on November 18, 2022, on unusually heavy trading volume.
Then, on February 23, 2023 at 3:30pm Eastern time, NPR reported that, following Congressional hearings, the Senate Judiciary Subcommittee on Competition Policy, Antitrust, and Consumer Rights wrote to the DOJ, presenting evidence that “Live Nation is harming America’s music industry.” The letter cited issues with Live Nation’s pricing models and fees, increasingly long contracts with competitors, and retaliatory behavior against artists and venues that don’t want to work with it. The senators “encourage[d]” the DOJ to take action if it found Live Nation had “walled itself off from competitive pressure at the expense of the industry and fans.”
On this news, Live Nation’s stock price fell $7.71, or 10.1%, to close at $68.78 per share on February 24, 2023, on unusually heavy trading volume.
Then, on July 28, 2023 at 3:13pm Eastern time, Politico reported that the DOJ “could file an antitrust lawsuit against [Live Nation and Ticketmaster] by the end of the year, according to three people with knowledge of the matter.” Politico further reported that the DOJ complaint is expected to allege that “the entertainment giant is abusing its power over the live music industry.”
On this news, Live Nation’s stock price fell $7.60, or 7.8%, to close at $89.33 per share on July 28, 2023, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Live Nation engaged in anticompetitive conduct, including charging high fees and extended contracts with talent, and retaliated against venues; (2) that, as a result, Live Nation was reasonably likely to incur regulatory scrutiny and face fines, penalties, and reputational harm; and (3) that, as a result of the foregoing, Defendant’s positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For more information on the Live Nation class action go to: https://bespc.com/cases/LYV
Bausch Health Companies, Inc. (NYSE: BHC)
Class Period: August 6, 2020 - May 3, 2023
Lead Plaintiff Deadline: September 25, 2023
On May 10, 2022, Bausch reports its financial results for the first quarter of 2022. Following the announcement, Bausch's stock price fell $3.50 per share, or 27.13%, to close at $9.40 per share on May 10, 2022. Analysts attributed the decline to concerns related to the Company's spin-off of Bausch + Lomb Corporation, high debt levels, and anticipation over the Xifaxan patent decision in the Company's ongoing litigation against Norwich Pharmaceuticals Inc. ("Norwich").
Then, on July 28, 2022, Bausch issued an update on the Xifaxan patent dispute case between Bausch and Norwich, in which the court ruled that certain Bausch patents were invalid.
Following the update, market analysts downgraded Bausch, and the Company's stock price fell $3.58 per share, or 41.24%, to close at $5.10 per share on July 28, 2022.
The complaint alleges that defendants made false and/or misleading statements about the Company’s spinoff of the Bausch + Lomb Corporation (“B+L”), including the benefits it would provide for Bausch shareholders and the effects it would have on Bausch post-spinoff. The complaint also alleges that the spinoff was done not to benefit shareholders but instead to undermine plaintiff lawsuits stemming from securities laws violations in 2016.
For more information on the Bausch class action go to: https://bespc.com/cases/BHC
Applied Digital Corporation (NASDAQ: APLD)
Class Period: April 13, 2022 - July 26, 2023
Lead Plaintiff Deadline: October 11, 2023
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Applied Digital had overstated the profitability of its datacenter hosting business and its ability to successfully transition into a low-cost AI Cloud services provider; (ii) Applied Digital’s Board of Directors was not independent within the meaning of NASDAQ listing rules; (iii) accordingly, Applied Digital had overstated the efficacy of its business model and failed to maintain proper corporate governance standards; (iv) the foregoing, once revealed, was likely to subject the Company to significant financial and/or reputational harm; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Applied Digital class action go to: https://bespc.com/cases/APLD
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.