Eventbrite, Inc. (EB) Misled Shareholders According to a Recently Filed Class Action

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1933 pursuant to the company's September 2018 initial public offering ("IPO") and the Securities and Exchange Act of 1934 between September 20, 2018 and March 7, 2019, in September 2017, Eventbrite, Inc. (EB) acquired Ticketfly, LLC from Pandora Media for $201.1 million. On September 2018, Eventbrite held its IPO, offering its stock at $23.00 per share and generating $246 million in proceeds based on misleading offering documents. In particular, Eventbrite failed to disclose that the negative impact of the Ticketfly acquisition. On March 7, 2019, Eventbrite revealed that integrating Ticketfly was taking longer than expected and would negatively impact its future growth and revenue. On this news, Eventbrite’s share price plummeted $7.96 per share, or over 24%, to close at $24.46 per share on March 8, 2019, and has continued to fall.