Live Nation Loses 7% Following Department of Justice Antitrust Readiness Report (NYSE:LYV)

Live Nation Entertainment shares (NYSE:LYV) dropped by 7% by mail Wednesday amid reports that the Justice Department plans to announce an antitrust lawsuit against the company as early as Thursday.

The Justice Department and a group of states will continue the lawsuit from the Southern District of New York and, according to numerous media reports, may resort to remedies, including the division of the company.

Such action would be the latest in the Biden administration’s increasing push for anti-competitive behavior.

The company reportedly met with senior Justice Department leadership earlier this month to persuade the department not to file the lawsuit.

“We look forward to upcoming meetings with divisional leadership and hope to amicably resolve any remaining disputes,” Live Nation Chief Financial Officer Joe Berchtold said earlier this month during a first-quarter earnings call. “But if not, we are ready to defend ourselves in court.”