NEW YORK – A federal court in Manhattan has denied Live Nation Entertainment’s motion to dismiss a significant antitrust case brought against the company by federal prosecutors and numerous state governments on Wednesday.
The lawsuit alleges that Live Nation has engaged in monopolistic practices within the live entertainment sector, attempting to control the concert market while driving up costs for ticket buyers across the country.
Following U.S. District Judge Arun Subramanian’s ruling, Live Nation’s stock price dropped by 3.1% during after-hours market activity.
The decision means the case will proceed to the next phase of litigation, as government attorneys seek to prove their claims that the entertainment conglomerate has violated federal antitrust regulations.
