Coachella Music Festival is suing Safety Shot (NASDAQ: SHOT) over false advertising. The California-based music festival, one of the biggest in the world, alleges that Safety Shot falsely claimed that they were “set to be the highlight” of the festival’s opening weekend.
“As a publicly traded beverage company watched its stock plummet by approximately 40% in a four-week period, it attempted to garner global exposure by issuing and circulating a bogus press release, which stated that the company would have a brand activation and presence at the Coachella Valley Music and Arts Festival,” Coachella wrote in the complaint.
“However, the beverage company has no sponsorship relationship, contract, or affiliation with the Festival, and despite repeated requests to delete the false press release and terminate the unauthorized promotion, the company failed to do so,” the festival continued, adding that they had no choice but to bring this lawsuit against the company for trademark infringement, unfair competition, and conversion.
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In the press release, circulated on January 3, Safety Shot, Inc (Nasdaq: SHOT) boldly claimed that the brand would have its “inaugural brand activation” at the festival, in the form of the Safety Shot House, which would feature “a star-studded guest list [that] will be a who’s who of the entertainment world. Celebrities, influencers, and trendsetters will converge for a night of fun and excitement.”
The festival dismissed these claims as patently false and misleading, and said that they stole a sponsorship from the festival without paying for it, and has even “[bragged] about its expected boost in sales.”
Safety Shot also bragged about selling out on its first day online, but since the Coachella press release has gone mostly silent on X where it has less than 1000 followers combined on its two accounts as of this writing. They also have yet to publicly respond to the lawsuit.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
