Live Nation shareholder sues to block vote on board members due to misleading proxy statement

By Rebecca Kahn, J.D.After the world’s largest live music producer awarded nearly $11 million in executive bonuses for exceeding 2017 targets, a shareholder sued the company and executives for including false and misleading compensation information in its 2018 proxy materials. Filed in the Eastern District of New York, the complaint seeks injunctive relief, including blocking an upcoming vote on compensation committee members, a corrected proxy statement, and the return of any wrongfully awarded cash and stock bonuses (Stein v. Live Nation Entertainment, Inc., May23, 2018).Live Nation Entertainment, Inc. claims to be the world’s largest live entertainment company, producing live music concerts, providing an advertising network for corporate brands, as well as a ticket sale and marketing company. Live Nation reported its 2017 Adjusted Operating Income (AOI)as $625,142,000. In April, shareholders were provided with a 2018 proxy statement to solicit the irproxies for…

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