Live Nation Entertainment faces a new shareholder lawsuit alleging executives and board members approved anti-competitive practices that exposed the company to financial risks. The lawsuit comes amid ongoing Department of Justice (DOJ) accusations against Live Nation and Ticketmaster for anticompetitive behavior.

Key allegations in the lawsuit include:

• CEO Michael Rapino, CFO Joe Berchtold, and Oak View Group CEO Tim Leiweke are named in collusion allegations
• The DOJ is seeking to force Live Nation to sell Ticketmaster for violating its 2010 merger agreement
• Live Nation executives allegedly continued anti-competitive conduct despite the consent decree
• The board reportedly misrepresented their cooperation with federal investigators
• Internal emails demonstrate collusion between Live Nation and Oak View Group

The lawsuit specifically highlights how Oak View Group, instead of competing with Live Nation, allegedly entered a "mutually beneficial scheme" that violated competition law. Tim Leiweke allegedly acted as a 'pimp' for Live Nation, delivering threats to venues considering alternative ticket providers.

Shareholder John Williams claims these actions will "severely damage and injure" Live Nation and its shareholders, requiring significant legal expenses to defend against the DOJ's action.

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