Core Viewpoint - A class action lawsuit has been filed against StubHub Holdings, Inc. for allegedly misleading investors during its September 2025 IPO regarding its financial health and cash flow situation [4]. Group 1: Lawsuit Details - The lawsuit is on behalf of investors who purchased securities based on the offering documents from the September 2025 IPO [4]. - Allegations include failure to disclose changes in vendor payment timing, which adversely affected free cash flow [4]. - The lawsuit claims that the free cash flow reports were materially misleading, impacting the integrity of the IPO offering documents [4]. Group 2: Financial Impact - StubHub reported a free cash flow of negative $4.6 million for Q3 2025, a 143% decrease from the previous year's positive free cash flow of $10.6 million [5]. - Following this earnings report, StubHub's share price dropped by $3.95, or approximately 21.0%, from $18.82 to $14.87 [5]. - By November 24, 2025, StubHub's stock price fell to $12.01, nearly 50% below the IPO price of $23.50 [6].