04:54 PM EDT, 05/24/2024 (MT Newswires) -- (Updates with the company's statement in the fourth and fifth paragraphs.)

Live Nation Entertainment ( LYV ) was hit with a class action lawsuit late Thursday in Manhattan federal court following the announcement earlier in the day that the federal government and multiple states were suing to break up the company over antitrust concerns.

The lawsuit is seeking all forms of relief for the class, including actual damages, treble damages, cost and reasonable attorneys' fees, and injunctive relief.

The suit alleges that the company "monopolized the relevant market with the intention of injuring or destroying competition" and that the "members of the class were injured with respect to purchases of tickets to a Live Nation event or concert in the relevant market from secondary ticketing services platforms other than Ticketmaster."

Live Nation deferred MT Newswires to an earlier statement.

"The [Department of Justice's] lawsuit won't solve the issues fans care about relating to ticket prices, service fees, and access to in-demand shows," Live Nation said in a statement. "We will defend against these baseless allegations, use this opportunity to shed light on the industry, and continue to push for reforms that truly protect consumers and artists."

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