Live Nation's stock sinks after Astroworld tragedy
Several lawsuits have been filed in the wake of the tragedy which killed at least 8 people
Shares of Live Nation Entertainment slipped as much as 5% during Monday's trading session after the deadly tragedy during the Astroworld Festival on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYV | LIVE NATION ENTERTAINMENT INC. | 132.60 | +3.60 | +2.79% |
At least eight people died and numerous others were injured in what officials described as a surge of the crowd at Astroworld, which was promoted by Live Nation, during a performance by rapper Travis Scott. Officials declared a "mass casualty incident" just after 9 p.m. during the festival where an estimated 50,000 people were in attendance, Houston Fire Chief Samuel Peña told reporters at a news conference.
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The fire chief said "scores of individuals" were injured. Houston officials transported at least 25 people to hospitals, some of which were in cardiac arrest and undergoing CPR while being transported. At least 300 patients were seen at an onsite field hospital.
The names of the eight were released Monday and the cause of death will be determined by the medical examiner. Over the weekend, the identities of the eight individuals, who range in age from 14-27, began to emerge on social media.
Investigators are expected to examine the design of safety barriers and the use of crowd control in determining what led to the incident. Authorities plan to use videos, witness interviews and a review of concert procedures to figure out what went wrong.
Travis Scott performs at day one of the Astroworld Music Festival at NRG Park on Friday, Nov. 5, 2021, in Houston. (Photo by Amy Harris/Invision/AP)
The police chief said authorities were investigating reports of suspicious activity in the crowd, including a security officer who told police that he felt a prick in his neck during the chaos and lost consciousness while being examined by first responders. He was revived by the opioid antidote Narcan.
Twenty-five arrests were made Friday, authorities said. Twenty-three were for trespassing, one was for public intoxication and one was for possession of marijuana.
TRAVIS SCOTT CHARGED TWICE IN THE PAST FOR INCITING INCIDENTS AT HIS CONCERTS
In a statement posted to Twitter on Saturday, Scott said he was "absolutely devastated by what took place."
"My prayers go out to the families and all those impacted by what happened at Astroworld Festival," he said. "Houston PD has my total support as they continue to look into the tragic loss of life. I am committed to working together with Houston community to heal and support the families in need."
Both LiveNation and the Astroworld Festival's official Twitter account released statements that they were "heartbroken" for the victims and their families. Astroworld also confirmed the festival's second day would be cancelled.
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Several lawsuits have already been filed as a result of the tragedy, including one against Travis Scott on behalf of concertgoer Manuel Souza, another filed by Texas attorney Thomas J. Henry against Scott, Live Nation, NRG Stadium and Drake, who was also performing on stage at the time of the tragedy, and one on behalf of concertgoer Noah Gutierrez by civil rights attorney Ben Crump, who emphasized that additional lawsuits would be filed next week.
"We continue to support and assist local authorities in their ongoing investigation so that both the fans who attended and their families can get the answers they want and deserve, and we will address all legal matters at the appropriate time," a Live Nation spokesperson told FOX Business in a statement.
LiveNation and Astroworld said in an update on Twitter on Monday that their teams have met with local authorities to provide information including CCTV footage and that load out of the site and equipment has been paused during the investigation.
"Full refunds are being offered for all those who purchased tickets. And most importantly we are working on ways to support attendees, the families of victims, and staff, from providing mental health counseling to setting up a health fund to help with costs for medical expenses," the statement continues. "Our entire team is mourning alongside the community."
Representatives for Scott and Drake did not immediately return FOX Business' requests for comment. A spokesperson NRG Stadium declined to comment.
FOX Business' Jessica Napoli and the Associated Press contributed to this report.