Ticketmaster Stockholders Sue For A Cut Of Those Fees
Ticketmaster shareholders don’t like the looks of the big Live Nation/Ticketmaster conjoining that went on last week, saying that Ticketmaster was bought at too bargain-basement of a price So they’re doing what all the frustrated customers who have wished at some point that they could take legal action against the ticketing giant (perhaps you’re one of them?) and filing a big class-action lawsuit in hopes that they’ll stop the deal:
In the suit, which was filed on Friday in Los Angeles Superior Court, Ticketmaster shareholders allege in court documents that Ticketmaster executives exploited the temporary downturn in the company’s share price, off almost 40 percent in the last three months, and secured benefits for themselves outside of the deal to the detriment of Ticketmaster’s public shareholders.
Current Ticketmaster shareholders will get 1.38 shares of Live Nation per TM share, which doesn’t sound like too too bad a deal, but I’m sure the people with more financial investment in the company can see some shenanigans afoot. The shareholders’ lawsuit calls for an end to the deal, which, well, good luck with that.