StubHub Holdings Inc.‘s board and executives misrepresented its free cash flow in initial public offering paperwork, leading to a stock decline after its third-quarter financial results were announced, a stockholder lawsuit said.
The registration statement and prospectus should’ve clearly stated StubHub faced changes in the timing of payments to vendors and that they were hindering that financial metric, said the shareholder’s derivative complaint filed Tuesday in the US District Court for the Southern District of New York.
The online ticket marketplace’s stock price plunged 21% to close at $14.87 a share Nov. 14, the day after it reported quarterly ...
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