Former Live Nation executive says he was fired after raising 'financial misconduct' concerns
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A former executive at Live Nation, the world’s largest live entertainment company, is suing the company, alleging that he was wrongfully terminated after he raised concerns about alleged financial misconduct and improper accounting practices.Nicholas Rumanes alleges he was “fraudulently induced” in 2022 to leave a lucrative position as head of strategic development at a real estate investment trust to create a new role as executive vice president of development and business practice at Beverly Hills-based Live Nation.In his new position, Rumanes said, he raised “serious and legitimate alarm” over the the company’s business practices.
As a result, he says, he was “unlawfully terminated,” according to the lawsuit filed Thursday in Los Angeles County Superior Court.Hollywood Inc.
The verdict by a Manhattan jury came after a five-week trial and caps a closely watched case that could have far reaching effects across the music industry.“Rumanes was, simply put, promised one job and forced to accept another.And then he was cut loose for insisting on doing that lesser job with integrity and honesty,” according to the lawsuit.
He is seeking $35 million in damages.Representatives for Live Nation were not immediately available for comment.The lawsuit comes a week after a federal jury in Manhattan found that Live Nation and its Ticketmaster subsidiary had operated a monopoly over major concert venues, controlling 86% of the concert market.Rumanes’ lawsuit describes a “culture of deception” at Live Nation, saying its “basic business model was to misstate and exaggerate financial figures in efforts to solicit and secure business.” Such practices “spanned a wide spectrum of projects in what appeared to be a company-wide pattern of financial misrepresentation and misleading disclosures,” the lawsuit states.
Rumanes says he received materials and documents tha...