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Investing.com -- The U.S. Department of Justice is conducting a criminal antitrust investigation into Live Nation Entertainment Inc (NYSE:LYV) and AEG Presents over their refund policies during the 2020 pandemic, according to Bloomberg News. The probe is examining whether the companies illegally coordinated their responses to mass concert cancellations in early Covid lockdowns.

Live Nation, the parent company of Ticketmaster, and its CEO Michael Rapino are among those under scrutiny, people familiar with the matter said. Prosecutors are also looking into how the companies may have worked with artists and talent agencies to manage losses.

The investigation, which began under the Biden administration, has intensified under President Donald Trump. DOJ prosecutors are continuing interviews and reviewing internal documents, though no charges have been filed.

Live Nation shares fell 2.6% Thursday, reflecting concerns over heightened regulatory risk. The company has had previous run-ins with antitrust regulators, but a criminal probe marks a significant escalation in oversight.

“It is not illegal for artist agents, promoters and ticketing companies to work together to solve the unprecedented challenges of a global pandemic,” said Dan Wall, Live Nation’s EVP of corporate and regulatory affairs. “We did not collude with AEG or anyone else.”

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