The Federal Trade Commission and seven states sued Live Nation (LYV) and Ticketmaster “for tacitly coordinating with brokers and allowing them to harvest millions of dollars worth of tickets in the primary market.” The agency alleges Live Nation and Ticketmaster “then sell the illegally harvested tickets at a substantial markup in the secondary market, causing consumers to pay significantly more than the face value of the ticket.” The FTC is seeking civil penalties against Ticketmaster and any additional monetary relief that that the court finds appropriate. Shares of Live Nation are down 1% to $86.12 in late morning trading.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYV:
- FTC announces lawsuit against Live Nation and TicketMaster
- SEGG Media appoints Lewis to Concerts.com, TicketSTub.com leadership team
- Apple initiated, Hershey upgraded: Wall Street’s top analyst calls
- Live Nation’s Ticketmaster probed by U.S. FTC over resale bots, Bloomberg says
- Live Nation downgraded to Neutral from Buy at Rothschild & Co Redburn