Live Nation Board and Executives Face Investor Lawsuit Over Alleged Antitrust Violations
Live Nation Entertainment faces a new shareholder lawsuit alleging executives and board members approved anti-competitive practices, potentially causing significant financial damage to the company and its shareholders.
The derivative lawsuit, filed by John Williams, names CEO Michael Rapino, CFO Joe Berchtold, and Oak View Group CEO Tim Leiweke as defendants. This legal action follows the U.S. Department of Justice's attempt to force Live Nation to sell Ticketmaster for violating its 2010 merger agreement.
Concert crowd seen from above
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, implementing a "mutually beneficial scheme" that violated competition law
- Oak View Group and Leiweke acted as intermediaries, sometimes delivering threats to venues considering alternative ticket providers
The DOJ's investigation has uncovered internal emails and correspondence demonstrating these alleged antitrust violations. According to Williams, Live Nation continues to spend significant resources defending against these legal challenges, further impacting shareholder value.
US Department of Justice building exterior
Michael Rapino in black shirt
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