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Dwell Nation (NYSE:LYV) fell 8.5% in after hours buying and selling amid stories that the Justice Division is getting ready to file an antitrust lawsuit in opposition to the live performance promoter as quickly as subsequent month.
The regulator is anticipated to allege that Dwell Nation (LYV) used its dominance in a matter that undermined competitors for ticketing stay occasions, in accordance with a WSJ report on Monday, which cited individuals acquainted with the matter. The precise fees the DOJ is anticipated to allege weren’t identified.
A number of state attorneys normal are additionally concerned within the probe and will determine to affix the DOJ in its go well with, in accordance with a separate Bloomberg report on Monday.
“Ticketmaster has extra competitors as we speak than it has ever had, and the deal phrases with venues present it has nothing near monopoly energy,” a Ticketmaster spokeswoman advised the WSJ.
A possible lawsuit comes after a Politico report in late July that the DOJ was getting ready to file a lawsuit in opposition to Dwell Nation (LYV) by the top of final yr.
A DOJ decree that forbade Dwell Nation from threatening venues with lack of entry to excursions was prolonged to 2025 after the Justice Dept. discovered repeated violations of that provision from 2010-2019.
