PRNewswire 17-Apr-2019 10:30 AM
NEW YORK, April 17, 2019 /PRNewswire/ -- Bernstein Liebhard LLP announced today that a class action has been filed in the United States District Court for the Northern District of California on behalf of all persons or entities (the "Class") who purchased the securities of EventBrite, Inc. ("EventBrite" or the "Company") (NYSE:EB) during the period of September 30, 2018 through March 7, 2019 (the "Class Period"), including pursuant to the IPO. The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 11 and 15 of the Securities Act of 1933.
EventBrite is a California-based event management and ticketing website. On September 20, 2018, the Company filed its prospectus in connection with the IPO. In the prospectus, Defendants made numerous representations about the Company's acquisition of Ticketfly, LLC ("Ticketfly"), which the Company purportedly acquired to expand EventBrite's solutions for music-related events. Defendants also made statements during the Class Period relating to the Company's 3Q18 financial results. On March 7, 2019, the Company surprised the market by revealing that the integration of Ticketfly would negatively impact the Company's growth and revenue.
Plaintiff alleges that Defendants made materially false and misleading statements about the Company's business, operations and prospects in the IPO and during the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) EventBrite's migration of customers from Ticketfly to EventBrite was progressing slower than expected; (2) the Ticketfly integration would take longer than expected; (3) the Company's revenue and growth would be negatively impacted; and (4) Defendants' positive statements about the Company's business, operations and prospects were materially misleading and lacked a reasonable basis. On this news, EventBrite's share price fell over 24% ($7.96) to close at $24.46 on March 8, 2019.
Plaintiff seeks to recover damages on behalf of all Class members who invested in EventBrite securities during the Class Period. If you invested in EventBrite securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than June 15, 2019.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
You can obtain a copy of the complaint by contacting the clerk for the United States District Court for the Northern District of California.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and been listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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SOURCE Bernstein Liebhard LLP
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