LYV - Ticketmaster pays $10M to avoid prosecution in computer-related theft case

Live Nation's (LYV) Ticketmaster will pay a $10M criminal fine to avoid prosecution related to employees using stolen passwords to access the computer systems of rival Songkick to lure away major customers.The activities took place between August 2013 and December 2015. Ticketmaster fired the two employees in 2017.In early 2018, Live Nation settled a $110M antitrust case with Songkick and acquired its remaining assets and patents.Ticketmaster's fine is part of a three-year deferred prosecution agreement with the Department of Justice. The company has to maintain compliance and ethics procedures to prevent computer-related theft.Live Nation shares are up 4% YTD despite the pandemic's impact on live events. Last month, Billboard reported that Ticketmaster's post-COVID concert policies will include mandatory vaccination/testing for attendees.

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Ticketmaster pays $10M to avoid prosecution in computer-related theft case