RADNOR, Pa.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24EB&src=ctag” target=”_blank”gt;$EBlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–The law firm of Kessler Topaz Meltzer & Check, LLP reminds that an
investor securities fraud class action lawsuit has been filed against
Eventbrite, Inc. (NYSE: EB) (“Eventbrite”) on behalf of those who
purchased or otherwise acquired Eventbrite securities: a) pursuant
and/or traceable to Eventbrite’s registration statement and prospectus
(collectively, the “Registration Statement”) issued in connection with
Eventbrite’s September 2018 initial public offering (“IPO”); and/or b)
between September 20, 2018 and March 7, 2019, inclusive (the “Class
Period”).
Eventbrite investors who purchased securities during the Class Period
may, no later than June 14, 2019, seek to
be appointed as a lead plaintiff representative of the class.
Investors who wish to discuss this securities fraud class action lawsuit
or request additional information about this litigation are encouraged
to contact Kessler Topaz Meltzer & Check attorneys James Maro, Jr. or
Adrienne Bell at (888) 299-7706 (toll free) or online at: www.ktmc.com/eventbrite-eb-securities-class-action.
According to the complaint, Eventbrite provides a platform to enable
creators to plan, promote, and produce live events. In September 2017,
Eventbrite acquired Ticketfly, LLC (“Ticketfly”) from Pandora Media,
Inc. for $201.1 million purportedly to expand Eventbrite’s solutions for
music-related events. On September 20, 2018, Eventbrite filed its
prospectus on Form 424B4 with the SEC, which forms part of the
Registration Statement. In the IPO, Eventbrite sold 11.5 million shares
of Class A common stock at a price of $23.00 per share.
On March 7, 2019, post-market, Eventbrite issued a letter to
shareholders that announced its fourth quarter 2018 financial results
and provided 2019 guidance. Therein, Eventbrite indicated that its
growth rate would be negatively impacted while it integrated Ticketfly.
Eventbrite also stated that migration headwinds would offset “continued
growth self sign-on and international for the first quarter of 2019.”
Following this news, Eventbrite’s share price fell $7.96 per share, or
over 24%, to close at $24.46 per share on March 8, 2019. The complaint
alleges that the Registration Statement was false and misleading and
omitted to state material adverse facts.
The complaint further alleges that the defendants failed to disclose to
investors that: (1) Eventbrite’s migration of customers from Ticketfly
to Eventbrite was progressing slower than expected; (2) as a result, the
Ticketfly integration would take longer than expected; (3) as a result,
Eventbrite’s revenue and growth would be negatively impacted; and (4) as
a result of the foregoing, the defendants’ positive statements about
Eventbrite’s business, operations, and prospects, were materially
misleading and/or lacked a reasonable basis.
Eventbrite investors may, no later than
June 14, 2019, seek to be appointed as a lead plaintiff
representative of the class through Kessler Topaz Meltzer & Check, or
other counsel, or may choose to do nothing and remain an absent class
member. A lead plaintiff is a representative party who acts on behalf of
all class members in directing the litigation. In order to be appointed
as a lead plaintiff, the Court must determine that the class member’s
claim is typical of the claims of other class members, and that the
class member will adequately represent the class. Your ability to share
in any recovery is not affected by the decision of whether or not to
serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and
federal courts throughout the country involving securities fraud,
breaches of fiduciary duties and other violations of state and federal
law. Kessler Topaz Meltzer & Check is a driving force behind corporate
governance reform, and has recovered billions of dollars on behalf of
institutional and individual investors from the United States and around
the world. The firm represents investors, consumers and whistleblowers
(private citizens who report fraudulent practices against the government
and share in the recovery of government dollars). The complaint in this
action was not filed by Kessler Topaz Meltzer & Check. For more
information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Contacts
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne
Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888)
299-7706 (toll free)
(610) 667-7706
[email protected]
