The highly anticipated Woodstock 50 festival has been canceled, according to the event's organizer Dentsu Aegis Network.

But organizers for Woodstock 50 say this is false and a concert is still happening.

"Woodstock 50 vehemently denies the festival's cancellation and legal remedy will (be) sought," a statement from Woodstock 50 said, according to USA Today.

In a statement released on Monday by Billboard, the network cites production limitations as the reason behind their decision. 

"It’s a dream for agencies to work with iconic brands and to be associated with meaningful movements. We have a strong history of producing experiences that bring people together around common interests and causes which is why we chose to be a part of the Woodstock 50th Anniversary Festival.  But despite our tremendous investment of time, effort and commitment, we don’t believe the production of the festival can be executed as an event worthy of the Woodstock Brand name while also ensuring the health and safety of the artists, partners and attendees. As a result and after careful consideration, Dentsu Aegis Network’s Amplifi Live, a partner of Woodstock 50, has decided to cancel the festival.  As difficult as it is, we believe this is the most prudent decision for all parties involved."

This comes after several issues were reported surrounding the commemorative event. Woodstock 50 was slated to take place on Watkins Glen, New York on August 16-18 which were the dates of the original festival. Yet, in April it was announced that ticket sales have been postponed putting potential buyers on standby for future information. This led many to fear that the festival was in jeopardy, but the event coordinator Michael Lang quickly released a statement to quiet these rumors. 

"Woodstock is a phenomenon that for 50 years has drawn attention to its principles," Lang's statement reads. "Also the rumors that can be attached to that attention. Just more rumors."

Despite Lang's reassurance, it appears that the parties involved could not create a suitable atmosphere for the massive event. Per reports, organizers were concerned that Watkins Glen International Speedway would not be able to sustain the 100,000 people estimated to attend the festival. These worries created permitting issues leading to the cancelation.

Adding to investors' mounting stress is the rumored financial loss the nixed event will cause. With artists like JAY-Z, Chance the Rapper, Run the Jewels, Vince Staples, Halsey, Janelle Monáe, and more slated to perform it is said that more than $30 million was shelled out to secure the star-studded lineup. Money and fees are still expected to be paid out to other acts and partners.