SHAREHOLDER ALERT - Eventbrite, Inc. (EB) Bronstein, Gewirtz & Grossman, LLC Announces Class Action and Lead Plaintiff Deadline: June 15, 2019


NEW YORK, April 17, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against purchasers Eventbrite, Inc. (NYSE: EB) (“Eventbrite” or the “Company”) and its directors, on behalf of shareholders who: a) purchased or otherwise acquired Eventbrite securities pursuant and/or traceable to the Company’s false and/or misleading registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2018 initial public offering (“IPO” or the “Offering”); and/or b) purchased or otherwise acquired Eventbrite securities between September 20, 2018 and March 7, 2019, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/eb.

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 and the Securities Act of 1933.

In September 2017, Eventbrite acquired Ticketfly, LLC ("Ticketfly") from Pandora Media, Inc. for $201.1 million, purportedly to expand Eventbrite's solutions for music-related events. On September 20, 2018, the Company filed a prospectus on Form 424B4 with the U.S. Securities and Exchange Commission, which forms part of the registration statement issued in connection with the Company's initial public offering ("IPO"). In the IPO, Eventbrite sold 11.5 million shares of Class A common stock at a price of $23.00 per share, raising proceeds of approximately $246 million, net of underwriting discounts and commissions. The proceeds from the IPO were purportedly to be used to repay certain debts, including $30 million of indebtedness incurred to finance the Company's acquisition of Ticketfly, and for working capital and other general corporate purposes.

Then, on March 7, 2019, in connection with its full year 2018 results, the Company stated that integrating Ticketfly would be a headwind impacting the Company's future growth and revenue. On this news, Eventbrite's stock price fell $7.96 per share, or 24.55%, to close at $24.46 per share on March 8, 2019.

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.

If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/eb  or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Eventbrite you have until June 15, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com