Events giant Live Nation saw more than $1billion wiped off its stockmarket value on Monday after a deadly crowd surge at its Astroworld Festival resulted in eight deaths and hundreds of injuries.
Live Nation’s share price fell more than 5 per cent from its opening price of $123,79, to close on Monday at $117.14.
More than a dozen lawsuits have been filed in Texas against Live Nation and headliner Travis Scott, alleging there was insufficient emergency personnel and that the concert continued even after a mass casualty event was declared.
Live Nation CEO Michael Rapino issued a statement to say his “heart went out” to all of the victims, and that the company was fully cooperating with two law enforcement investigations.
“Many families are dealing with the unimaginable right now and my heart goes out to them and the entire Astroworld community,” Mr Rapino said.
“We are dedicated to doing everything we can to get the families and fans the answers and support they deserve.”
At a press conference on Monday, Tony Buzbee, an attorney said he was representing 35 people who are considering filing lawsuits against the firm.
Mr Buzbee said one of the eight victims, 21-year-old Axel Acosta, was trampled over “like a piece of trash”.
“The air was slowly squeezed out of him, sending his heart into cardiac arrest,” Mr Buzbee said.
“When he collapsed, concert-goers trying to escape their own suffocation caused by the crowd rush, trampled over his body like a piece of trash.”
Mr Buzbee added that it was “self-evident” that the concert was planned poorly.
“That no regard was given to the safety of these young people at the concert. That there was no emergency response mechanism in place to help those who were in an extreme situation.
“There were more people than should have been.”
Scott has offered to pay for the funeral costs for all of the victims, and is partnering with BetterHelp to offer free counseling anyone who was affected.
