Featured News

Eventbrite argues for dismissal of investor lawsuit

Eventbrite has appealed to a court in California to have a lawsuit from investors, who claim to have been misled by the ticketing firm, dismissed.

Investors that purchased shares in the ticketing company between its September 2018 IPO and the financial statements this year banded together for a class action suit, claiming Eventbrite’s integration with Ticketfly was proving to be more challenging than the firm had let on. In addition, shares in the ticketing company fell in both March and May this year after revenue projections were much lower than expected.

Eventbrite denies that there is any valid claim against it.

The firm has now filed a counter complaint stating that the suit “does not allege facts suggesting that Eventbrite made any false or misleading statement of material fact.”

The filing continued: “Eventbrite noted that this integration and migration process typically takes between 12 and 24 months, and warned investors about many risks inherent in the integration and migration process.

“Among other things, that Eventbrite may have difficulty assimilating the acquired technology, may fail to timely integrate acquired companies, and may experience customer loss during this process.”

The company noted in the proposed dismissal that statements in the legal filing from investors were vague or opinion-based and the class action should be “dismissed with prejudice.”