NEW YORK–(BUSINESS WIRE)–Aug. September 2022–
WHY: Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action lawsuit on behalf of investors who: (a) traded shares of Discovery, Inc. (“Discovery”) (NASDAQ: DISCA, DISCB, DISCK) common stock to Warner Bros Discovery, Inc. (“Warner Bros.”) common stock (NASDAQ: WBD), pursuant to Discovery’s registration statement on Form S-4 dated February 4, 2022 and joint proxy statement/prospectus filed with the Securities and Exchange Commission (“SEC”) on February 10, 2022; and/or (b) have purchased shares of Warner Bros. common stock on the open market as of the date of the filing of the complaint on September 23, 2022, as described in the prospectus. If you wish to appear as lead plaintiff, you must enter the court by November 22, 2022 at the latest.
SO WHAT: If you exchanged Discovery common stock for Warner Bros. common stock pursuant to Discovery’s registration statement dated February 4, 2022 on Form S-4 and Joint Proxy Statement/Prospectus filed with the Securities and Exchange Commission on February 10, 2022 and/or If you have purchased shares of Warner Bros. common stock on the open market attributable to the prospectus by September 23, 2022, you may be entitled to compensation without payment of out-of-pocket expenses or costs under a contingency fee arrangement.
WHAT TO DO NEXT: To join the Warner Bros. Discovery class action go to https://rosenlegal.com/submit-form/?case_id=8888 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information. A class action lawsuit has already been filed. If you want to appear as lead plaintiff, you must call the court by November 22, 2022 at the latest. A lead plaintiff is a representative party acting on behalf of other group members in conducting the litigation.
WHY ROSES LAW: We encourage investors to select qualified advisors with a track record in leadership positions. Frequently, companies that issue notices do not have comparable experience, resources, or meaningful recognition from peers. Be wise in choosing a lawyer. The Rosen law firm represents investors worldwide and focuses its practice on securities class actions and shareholder derivatives litigation. Rosen Law Firm has achieved the largest-ever settlement of a securities class action lawsuit against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has been ranked in the top 4 every year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named Titan of Plaintiffs’ Bar by Act360. Many of the firm’s attorneys are recognized by Lawdragon and Super Lawyers.
CASE DETAILS: According to the lawsuit, at the time the registration statement and prospectus were filed, the defendants either knew of or had access to adverse information about the operation of AT&T’s WarnerMedia business. Among other things, as later disclosed by the Defendants post-merger: (1) WarnerMedia’s HBO Max streaming business had a high churn rate that made the business not “viable” unless the churn rate was reversed; (2) AT&T overinvested in WarnerMedia entertainment content for streaming without giving enough thought to ROI; (3) WarnerMedia had a business model to increase subscribers to its streaming service without regard to cost or profitability; (4) WarnerMedia carelessly focused its investments on streaming and ignored its other businesses; and (5) WarnerMedia had overestimated the number of HBO Max subscribers by as much as 10 million subscribers by including as subscribers AT&T customers who received bundled access to HBO Max but did not subscribe to the service. The adverse information was not disclosed to Discovery shareholders in the registration statement or prospectus or otherwise prior to the Effective Date of the Merger. As the true details emerged, the lawsuit alleges that investors suffered damage.
To join the Warner Bros. Discovery class action go to https://rosenlegal.com/submit-form/?case_id=8888 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information.
No class was certified. Until a class is certified, you will not be represented by an attorney unless you retain one. You can select a lawyer of your choice. You can also remain absent and do nothing at this point. An investor’s ability to participate in a potential future recovery is not contingent on its serving as lead plaintiff.
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CONTACT: Laurence Rosen, Esq.
Phillip Kim, Esq.
The Law Firm of Rosen, PA
275 Madison Avenue, 40th floor
New York, New York 10016
Phone: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: CLASS ACTION ACTION PROFESSIONAL SERVICES LAW
SOURCE: The Law Offices of Rosen, PA
Copyright Business Wire 2022.
PUB: 09/27/2022 11:42 AM / DISC: 09/27/2022 11:42 AM
Copyright Business Wire 2022.