LYV - Why Live Nation Stock Is Dropping Hard This Week
As of late morning today, shares of Live Nation Entertainment (NYSE: LYV) are down some 9.4% compared with where they closed trading last Friday, according to data from S&P Global Market Intelligence , after the concert promoter was sued for trademark infringement over the use of "Coachella" in an event name.
Live Nation's Ticketmaster is currently advertising Coachella Day One 22, a New Year's Eve concert being produced by the Twenty-Nine Palms Band of Mission Indians that will be held at the Coachella Crossroads venue in Coachella, Calif.
It's being sued by Goldenvoice, the production company that puts on the annual Coachella Valley Music & Arts Festival for "intentionally trading on the goodwill" of the 20-year old music festival.
For further details see:
Why Live Nation Stock Is Dropping Hard This Week