StepStone集团对StubHub的投资 - 加州StepStone集团于11月14日披露新建StubHub头寸，在第三季度购入近760万股，截至9月30日估值约为1.273亿美元 [1][2] - 此次新建头寸占StepStone集团LP季度末可报告美国股票资产的59.9%，是其美国股票持仓的重大增持 [2][3] - 在StepStone集团的投资组合中，StubHub头寸价值1.273亿美元，占其管理资产(AUM)的62.7%，是其规模最大、占比最高的持仓 [8] StubHub公司近期表现与估值 - 截至周五市场收盘，StubHub股价为13.95美元，较其9月每股23.50美元的IPO发行价下跌40% [3] - 公司市值为51亿美元，过去十二个月(TTM)营收为18亿美元，但TTM净亏损为13亿美元 [4] - 最新季度财报显示，公司总商品交易额(GMS)达24亿美元，同比增长11%（若剔除泰勒·斯威夫特巡演影响，则增长24%），营收增长8%至4.68亿美元 [11] - 调整后EBITDA增长21%至6700万美元，利润率扩大至14%，表明运营杠杆改善 [11] - 当季GAAP层面的亏损主要由与IPO相关的一次性14亿美元股权激励费用驱动，而非基本面恶化 [11] StubHub业务与财务概况 - StubHub是二级票务行业的领先技术平台，业务覆盖全球200多个国家，连接数百万买家和卖家，提供体育、音乐会、戏剧等现场活动门票交易 [6][9] - 公司主要通过向平台上的买卖双方收取交易费来产生收入 [9] - 公司利用IPO所得收益偿还了约7.5亿美元债务，将净杠杆率降至过去十二个月调整后EBITDA的3.9倍，显著增强了资产负债表 [12] 投资逻辑与行业背景 - StepStone集团的投资表明其坚信StubHub业务的长期韧性，尽管其股价短期表现不佳 [10] - 二级票务市场具有周期性和情绪驱动特点，但现场活动的需求被证明比大多数消费类别更具韧性 [10] - 此次投资被视作对现金流正常化的高确信度押注，而非基于短期估值倍数扩张 [12]

BENSALEM, Pa., Dec. 12, 2025 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion. Investors suffering losses on their investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in these class actions at (215) 638-4847 or by email to howardsmith@howardsmithla ...

NEW YORK, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in StubHub Holdings, Inc. ("StubHub Holdings, Inc." or the "Company") (NYSE: STUB) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of StubHub Holdings, Inc. investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons and entities that purchased or otherwise acquired StubHub common stock pursuant and/or traceable to the registra ...

RADNOR, Pa., Dec. 12, 2025 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against StubHub Holdings, Inc. (“StubHub”) (NYSE: STUB) on behalf of those who purchased or otherwise acquired StubHub common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Offering Documents”) issued in connection with StubHub’s September 2025 initial public offering. The lea ...

Partner Reed Kathrein Scrutinizing Allegedly Omitted Known Trends in Vendor Payments SAN FRANCISCO, Dec. 12, 2025 (GLOBE NEWSWIRE) -- National shareholder rights law firm Hagens Berman is issuing a reminder to investors in StubHub Holdings, Inc. (NYSE: STUB) ahead of the January 23, 2026, deadline of their opportunity to seek appointment as lead plaintiff in the pending securities class action lawsuit. The litigation centers on allegations that StubHub’s highly anticipated September 2025 Initial Public Offe ...

NEW YORK, Dec. 12, 2025 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in StubHub Holdings, Inc. ("StubHub Holdings, Inc." or the "Company") (NYSE: STUB) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of StubHub Holdings, Inc. investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of persons and entities that purchased or otherwise acquired StubHub common stock pursuant and/or traceable to the registratio ...

Partner Reed Kathrein Scrutinizing Allegedly Omitted Known Trends in Vendor Payments SAN FRANCISCO, Dec. 11, 2025 /PRNewswire/ -- National shareholder rights law firm Hagens Berman is issuing a reminder to investors in StubHub Holdings, Inc. (NYSE: STUB) ahead of the January 23, 2026, deadline of their opportunity to seek appointment as lead plaintiff in the pending securities class action lawsuit. The complaint focuses on the alleged misrepresentations and omissions within the core offering documents, whic ...

诉讼核心信息 - 一项针对StubHub Holdings Inc 的证券集体诉讼已代表投资者提起 诉讼指控与公司2025年9月的首次公开募股相关的注册声明和招股说明书存在重大误导[2] - 诉讼指控公司在IPO时未向投资者披露 其向供应商付款的时间安排发生变化 这些变化对自由现金流产生了重大不利影响 包括过去12个月的自由现金流 因此公司的自由现金流报告存在重大误导 进而导致IPO文件存在重大误导[2] 公司财务与股价表现 - 公司于2025年11月13日发布了自2025年9月IPO以来的首份财报 披露2025年第三季度自由现金流为负460万美元 较上年同期的正1060万美元下降了143%[3] - 此消息导致StubHub股价在2025年11月13日至11月14日期间 从每股18.82美元下跌3.95美元至14.87美元 跌幅约为21.0%[3] - 截至2025年11月24日 公司股价已跌至每股12.01美元 较IPO发行价每股23.50美元下跌近50%[4] 诉讼相关程序 - 投资者需在2026年1月23日前向法院申请担任首席原告[1] - 受影响的投资者可联系Kirby McInerney LLP律师事务所 该律所专注于证券等领域诉讼 并曾为股东挽回总计数十亿美元的损失[1][5][6]

NEW YORK, Dec. 11, 2025 (GLOBE NEWSWIRE) -- The Gross Law Firm issues the following notice to shareholders of StubHub Holdings, Inc. (NYSE: STUB). Shareholders who purchased shares of STUB during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery. CONTACT US HERE: https://securitiesclasslaw.com/securities/stubhub-holdings-inc-loss-submission-form/?id=180010&from=3 CLASS PERIOD: Thi ...

Kuehn Law Encourages Investors of StubHub Holdings, Inc. to Contact Law FirmDecember 10, 2025 11:36 AM EST | Source: Kuehn Law, PLLCNew York, New York--(Newsfile Corp. - December 10, 2025) - Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of StubHub Holdings, Inc. (NYSE: STUB) breached their fiduciary duties to shareholders. According to a federal securities lawsuit, Insiders at StubHub caused the company to misrepresent or fail to di ...