b'A common stock. In the registration statement,Investors filed several putative class actions against Eventbrite touted its selective acquisitions, such asEventbrite and its officers, directors, and underwriters Ticketfly, which allowed Eventbrite to expand andin the U.S. District Court for the Northern District of offer new capabilities to existing creators as wellCalifornia, alleging violations of Sections 11 and 15 as the modularity and extensibility of [its] platformof the 1933 Act, Sections 10(b) and 20(a) of the 1934 which it claimed allowed it to quickly integrate andAct and Rule 10b-5 promulgated thereunder, and migrate creators to its platform, saving costs. However,Item 303 of SEC Regulation S-K. The consolidated Eventbrite also warned of risks that creators of acquiredamended complaint alleged that Eventbrites companies may not migrate to its platform and that itSeptember 2018 Registration Statement contained previously experienced customer loss while integratingseven untrue statements of material facts as well as and migrating acquired companies.material omissions. Specifically, plaintiffs alleged that Following its IPO, in late 2018 and early 2019, Eventbritethe Registration Statement omitted material facts repeatedly reiterated the success of its selectiveabout issues regarding the Ticketfly acquisition and acquisitions and integration thereof and toutedintegration and that Eventbrites post-IPO statements Eventbrite Music, a new initiative to make Eventbriteregarding the success of the migration efforts and the more attractive to independent music venues. Inpositive reaction of Ticketfly users were materially particular, during Eventbrites third quarter 2018misleading. The consolidated amended complaint Earnings Results Call, Eventbrite indicated that Ticketflyrelied on several confidential witnesses who asserted customers were happy with the shift to Eventbrite,Eventbrites attempts to migrate numerous customers touting the ongoing integration process.following the Ticketfly acquisition were unsuccessful due to Eventbrites failure to address customer On March 7, 2019, Eventbrite filed its 2018 Form 10-Kcomplaints regarding the new platform. Defendants and reported its fourth quarter 2018 earnings, whichmoved to dismiss the amended complaint, which the disclosed that Eventbrite was still working to migratecourt granted in full, with leave to amend.Ticketfly customers onto its platform and that it didFirst, in addressing the Section 10(b) claim, the court not expect to complete that migration until the secondheld that plaintiffs failed to plead facts sufficient quarter of 2019. Eventbrite also provided first quarterto establish falsity for six of the seven disputed 2019 revenue guidance which fell short of certainstatements. The court noted plaintiffs failed to identify analysts expectations. Eventbrites stock immediatelywhich features of Ticketfly Eventbrite had trouble fell by $7.96 per share (over 24%). On May 1, 2019,integrating into its own platform, which was necessary Eventbrite reported its first quarter 2019 earnings,to support plaintiffs allegation that defendants which met its own revenue guidance, but it providedstatement that Eventbrite has been able to integrate second quarter revenue guidance that again fell shortand migrate creators to the Eventbrite platform was of analysts expectations. Eventbrites stock pricematerially misleading. The court also rejected plaintiffs immediately fell to $6.55 per share (over 27%).25'