NewzStubHub has experienced a significant decline in its stock value following a surge of lawsuits related to the resale of unissued FIFA World Cup tickets. Despite generating hundreds of millions of dollars in revenue during the previous quarter, the ticket marketplace is now facing substantial financial returns and legal challenges.
The crisis stems from the platform facilitating the resale of World Cup tickets before the official tickets had actually been issued to sellers. As a result, buyers who purchased these unissued passes have taken legal action, forcing the company to refund large portions of its recent earnings.
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