Eventbrite, Inc.
| Company Name | Eventbrite, Inc. |
| Stock Symbol | EB |
| Class Period | September 20, 2018 to March 07, 2019 |
On September 19, 2018, Eventbrite sold shares in its initial public offering (“IPO”) at $23 per share. In the IPO registration statement, Eventbrite stated that its acquisition of Ticketfly “had a positive impact on our net revenue growth” in the third quarter of 2017. On March 7, 2019, Eventbrite reported its annual financial results, and in a related conference call, Eventbrite’s Chief Executive Officer and co-founder, Julia Hartz, stated that the strategy to integrate Ticketfly “will impact revenues in the short-term.”
On this news, shares of Eventbrite fell 7.96, or over 24%, to close at $24.46 on March 8, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company’s migration of customers from Ticketfly to Eventbrite was progressing slower than expected; (2) that, as a result, the Ticketfly integration would take longer than expected; (3) that, as a result, the Company’s revenue and growth would be negatively impacted; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
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