StubHub IPO Lawsuit Draws Competing Bids to Lead as Jan. 23 Deadline Approaches

Overview

• Multiple national firms, including Robbins Geller, Rosen, Hagens Berman, the Schall Law Firm, DJS Law Group, and Glancy Prongay & Murray, are urging IPO investors to move for lead‑plaintiff status by Friday.
• The pending case, captioned Salabaj v. StubHub Holdings, Inc., No. 25‑cv‑09776, is filed in the Southern District of New York and alleges Securities Act violations by the company, certain executives and directors, and IPO underwriters.
• Complaints contend the September 2025 registration statement failed to disclose known changes to vendor‑payment timing that materially depressed free cash flow, including trailing‑12‑month metrics.
• On Nov. 13, 2025, StubHub reported free cash flow of negative $4.6 million and net cash from operations of $3.8 million, after which the stock fell about 21% and later traded as low as $10.31 versus the $23.50 IPO price.
• No class has been certified, investors are not represented unless they retain counsel, and at least one firm is also seeking whistleblower tips under the SEC program.