StubHub IPO Lawsuit Advances as Firms Seek Lead Plaintiffs Before Jan. 23

Overview

• A securities class action has been filed in the Southern District of New York for investors who bought shares pursuant to or traceable to the September 17, 2025 IPO, alleging Securities Act violations.
• The complaints assert the registration statement failed to disclose changes in the timing of payments to vendors that significantly harmed free cash flow, including trailing 12‑month figures.
• On November 13, 2025, StubHub reported third‑quarter free cash flow of negative $4.6 million, a 143% year‑over‑year decline, and net cash from operations of $3.8 million, citing vendor payment timing.
• The stock fell 20.9% to $14.87 on November 14 and later traded as low as $10.31, roughly 56% below the $23.50 IPO price.
• Multiple national plaintiff firms, including Schall, Bernstein Liebhard, Berger Montague, Glancy Prongay & Murray, Hagens Berman, The Gross Law Firm, DJS Law Group, and Robbins LLP, are soliciting IPO investors to seek lead‑plaintiff roles, with allegations unproven and the class not yet certified.