StubHub Holdings, Inc. (STUB) Investigation

StubHub’s IPO materials heavily emphasized a “major growth opportunity” within the “secondary ticketing alone” sector. The company sought to assure potential investors with promises of “Growth and Liquidity Flywheels” that, the documents claimed, had been instrumental in establishing and extending its “leadership position in the global secondary ticketing market while generating significant growth and profitability.” These representations formed a key part of the investment thesis presented to the market.

The narrative began to unravel following the close of business on November 13, 2025:

• StubHub released its Q3 2025 financial results and notably withheld Q4 2025 guidance.

• Crucially, the company's CFO stated that “[f]rom the outset, we anticipated that 2025 would present a more challenging growth environment for our market.”

The news immediately triggered a major reaction, driving the price of StubHub shares down approximately 20% in the subsequent trading session.

Investor confidence was dealt a second blow days later, on November 18, 2025.

• The U.K.’s CMA formally announced it had opened an investigation into StubHub.

• The probe centers on price transparency, specifically “regarding the mandatory additional charges applied when consumers buy tickets – and whether or not these fees are included upfront.”

• The CMA noted that this action is part of a "major cross-economy review of more than 400 businesses in 19 different sectors to assess compliance with rules on price transparency" being conducted since April.

The regulatory announcement exacerbated the market's concerns, causing StubHub's stock to slide by an additional 9% the following day, further intensifying the pressure on management to reconcile pre-IPO optimism with post-IPO reality.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the STUB investigation about?

The firm’s probe is focused on whether StubHub and certain officers may have made misleading statements or failed to disclose material information regarding its growth prospects and regulatory risks, particularly those posed by the CMA.

WHAT SHOULD I DO?

I worked at STUB. What should I do?

If you were an employee of STUB, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or STUB@hbsslaw.com.

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in STUB, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any STUB investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.