A Live Nation investor who accused the concert promoter of handing out $11 million in unwarranted bonuses withdrew her lawsuit on Friday. Sources said investor…
A Live Nation investor who accused the concert promoter of handing out $11 million in unwarranted bonuses withdrew her lawsuit on Friday.
Sources said investor Shiva Stein canceled a hearing slated for May 31 after Live Nation lawyers explained the specific metrics it used to calculate performance targets.
Stein had noted in her suit filed Wednesday that Live Nation’s 2017adjusted operating income was listed as $625 million on the company’s annual 10-K report in February — short of a $630 million threshold that she calcluated was required for top execs including CEO Michael Rapino to get their bonuses.
But Live Nation lawyers said the $630 million figure failed to include adjustments made to the company’s operating income that were outlined in its proxy statement last month, which were made “on a pro-forma, constant-currency basis, adjusted for legal settlements.”
Stein could not be reached for comment on Friday.
“We are pleased that the plaintiff withdrew her frivolous lawsuit,” Live Nation said in a statement to The Post. “The plaintiff and her attorneys wrongfully accused Live Nation of not meeting performance targets tied to executive compensation when in point of fact, Live Nation is fully transparent on our pay practices.”
