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⚠ Eventbrite Received Eighteen Hundred ClaimsModerate threat

Bending Spoons (BSP) — threat to the moat

Five months after Bending Spoons bought Eventbrite, about 1,810 privacy claims and 500 arbitration demands had arrived over tracking pixels, and nothing is provisioned.

The clearest example of what a privacy regime costs in practice is already in the portfolio. In December 2025 Eventbrite received hundreds of substantially similar letters alleging violations of the California Invasion of Privacy Act arising from the use of certain website tracking technologies and pixels1. Further letters arrived in February and April 2026, bringing the total claims to approximately 1,8102.

Eventbrite privacy claimsDec 2025hundreds of lettersunder the CaliforniaInvasion of Privacy ActFeb and Apr 2026claims reachabout 1,81016 Apr 2026300 arbitrationdemands filed30 Apr 2026200 more, 500 in allBending Spoons Form 424B4, legal proceedings; no accrued legal liabilities at end-2025
Five hundred demands in two weeks.

Then the claims became proceedings. On 16 April 2026, 300 claimants filed arbitration demands with the American Arbitration Association, and on 30 April 2026, 200 more, bringing the total number of arbitration demands to 5003. Bending Spoons says the claims are without merit4.

Nothing is provisioned for them. As of 31 December 2024 and 2025 no accrued legal liabilities were set aside for claims, disputes, or legal proceedings5.

The pattern is broader than Eventbrite. The company notes an increase in class actions filed under laws such as the Illinois Biometric Information Privacy Act, and says it has been subject to BIPA claims6, which carry a private right of action and statutory damages on a per-violation basis7 where face templates, facial recognition data, voiceprints, fingerprints, or iris scans8 are collected without the required notices or consents. Remini enhances and generates images of people.

The claims arrived with a business that was already loss-making. Eventbrite's 2025 accounts as adjusted show revenue of $291.843 million and an operating loss of $26.044 million9, and in its stub period from 10 March to 30 June 2026 it contributed $91 million of revenue and a $51 million loss before tax10. A reorganisation, a repricing and a mass arbitration are all running on the same business at the same time.

Mass arbitration is expensive even when the claims fail, because each demand carries a fee. The count is the thing to watch: 1,810 claims and 500 demands as disclosed, on one website, in one state, within five months of the acquisition closing.

References
  1. ReportedIn December 2025 Eventbrite received hundreds of substantially similar letters alleging violations of the California Invasion of Privacy Act arising from the use of certain website tracking technologies and pixels.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  2. ReportedFurther letters arrived in February and April 2026, bringing the total claims to approximately 1,810.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the audited consolidated financial statements, the Q1 2026 interim and the MD&A on results of operations and tax. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  3. ReportedOn 16 April 2026, 300 claimants filed arbitration demands with the American Arbitration Association, and on 30 April 2026, 200 more, bringing the total number of arbitration demands to 500.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  4. ReportedBending Spoons says the claims are without merit.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  5. ReportedAs of 31 December 2024 and 2025 no accrued legal liabilities were set aside for claims, disputes, or legal proceedings.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Item 3.D risk factors and the notes on legal proceedings. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  6. ReportedThe company notes an increase in class actions filed under laws such as the Illinois Biometric Information Privacy Act, and says it has been subject to BIPA claims, which carry a private right of action and statutory damages on a per-violation basis where face templates, facial recognition data, voiceprints, fingerprints, or iris scans are collected without the required notices or consents.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the principal shareholders, management and description-of-share-capital sections and the internal-control disclosure. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  7. ReportedThe company notes an increase in class actions filed under laws such as the Illinois Biometric Information Privacy Act, and says it has been subject to BIPA claims, which carry a private right of action and statutory damages on a per-violation basis where face templates, facial recognition data, voiceprints, fingerprints, or iris scans are collected without the required notices or consents.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the principal shareholders, management and description-of-share-capital sections and the internal-control disclosure. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  8. ReportedThe company notes an increase in class actions filed under laws such as the Illinois Biometric Information Privacy Act, and says it has been subject to BIPA claims, which carry a private right of action and statutory damages on a per-violation basis where face templates, facial recognition data, voiceprints, fingerprints, or iris scans are collected without the required notices or consents.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - the principal shareholders, management and description-of-share-capital sections and the internal-control disclosure. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  9. ReportedEventbrite's 2025 accounts as adjusted show revenue of $291.843 million and an operating loss of $26.044 million, and in its stub period from 10 March to 30 June 2026 it contributed $91 million of revenue and a $51 million loss before tax.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
  10. ReportedEventbrite's 2025 accounts as adjusted show revenue of $291.843 million and an operating loss of $26.044 million, and in its stub period from 10 March to 30 June 2026 it contributed $91 million of revenue and a $51 million loss before tax.
    Bending Spoons S.p.A. Form 424B4, the final initial-public-offering prospectus dated 30 June 2026 - the master document, covering the business, the Playbook, the Platform, the audited financial statements for 2023-2025, the Q1 2026 interim, the acquisitions, customers, risk factors and legal proceedings - Note 5 business combinations, the acquisition history and the pro-forma financial information. — FY2023-Q1 2026 · publ. 1 July 2026 · source ↗
Sources
Generated October 20, 2026