Live Nation Entertainment shares fell 7.8% on May 23rd after the U.S. Department of Justice filed a lawsuit to break up the company, alleging it violated antitrust laws as the parent company of Ticketmaster.

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Attorney general says company uses 'anticompetitive conduct to exercise its monopolistic control over the live-events industry in the United States'.

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The Justice Department on Thursday sued Ticketmaster parent Live Nation Entertainment and will seek to break up the concert-ticketing and promotions giant, alleging that the company wielded its monopoly power to squash competition in the live-events industry.

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Shares of Live Nation Entertainment Inc. (LYV) fell 6.6% on Thursday. Live Nation, in a statement, called the allegations "baseless," and said it faced increasing competition, adding the lawsuit wouldn't lower prices or fees.

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Numerous district attorneys and state attorneys general joined the agency in filing the antitrust lawsuit on Thursday.

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The complaint was filed in U.S. District Court for the Southern District of New York.