NEW YORK, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Live Nation Entertainment, Inc. (LYV), Opera Limited (OPRA), Landec Corporation (LNDC), and Blucora, Inc. (BCOR) on behalf of investors. Our investigation concerns whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Live Nation Entertainment, Inc. (LYV)
On December 13, 2019, the Wall Street Journal reported that the U.S. Department of Justice (“DOJ”) was preparing to take legal action against Live Nation based on allegations that the company sought to “strong-arm” concert venues into using its market-dominant Ticketmaster subsidiary. Such efforts would violate the terms of a settlement agreement that Live Nation and Ticketmaster reached with the government in 2010 as a condition of their merger. Under that agreement, the DOJ allowed the companies to combine, but required them to abide by conditions meant to preserve competition in the music and ticketing industries.
On this news, Live Nation’s share price fell $5.09, or 7.3%, to close at $64.34 on December 13, 2019.
Then on January 9, 2020, the Wall Street Journal reported that Justice Department antitrust enforcers submitted a court filing on January 8, 2020, stating that the filing, “chronicles instances in which six unnamed venues said they were told that retaining the services of a Ticketmaster competitor would lead the concert-promotion giant to stop booking acts at those venues. Some of the venues said Live Nation retaliated against them for opting to use a competing ticketing service.”
To learn more about our investigation into Live Nation go to: https://bespc.com/lyv-2
Opera Limited (OPRA)
On January 16, 2020, Hindenburg Research (“Hindenburg”) released a report placing “a 12-month price target of $2.60 on Opera Limited (OPRA), representing a 70% downside.” The report listed various issues, including, “Most of Opera's lending business is operated through apps offered on Google’s Play Store. In August, Google tightened rules to curtail predatory lending and, as a result, Opera’s apps are now in black and white violation of numerous Google rules.” Hindenburg further stated, “Instead of disclosing to investors that its ‘high-growth’ microfinance segment could be imperiled by these new rules, Opera instead immediately raised $82 million in a secondary offering without disclosing Google's changes to investors.”
Following this news, Opera’s share price fell $1.69 per share on January 16, 2020, to close at $7.33 per share.
To learn more about our investigation into Opera go to: https://bespc.com/opra
Landec Corporation (LNDC)
On January 2, 2020, the Company revealed investigations by the U.S. Securities & Exchange Commission and Department of Justice concerning “potential environmental and Foreign Corrupt Practices Act (‘FCPA’) compliance matters associated with regulatory permitting” at a manufacturing plant in Mexico owned by Yucatan Foods, which Landec acquired in December 2018.
On this news, Landec’s share price fell $1.14, or over 10%, to close at $10.03 per share on January 3, 2020.
To learn more about our investigation into Landec Corporation, go to: https://bespc.com/lndc
Blucora, Inc. (BCOR)
On January 16, 2020, Blucora announced that its President and Chief Executive Officer (“CEO”), John Clendening, “has departed his roles as executive and member of the Board of Directors” and that Blucora “anticipates announcing a new CEO by the end of January 2020.” Blucora stated that Clendening’s “departure results from differences in views on the scope of Mr. Clendening’s authority as CEO.”
On this news, Blucora’s stock price fell $2.47 per share on January 16, 2020, to close at $22.94 per share.
To learn more about our investigation into Blucora, go to: https://bespc.com/bcor
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.