Investigation announced for Investors in Warner Bros. Discovery, Inc. (NASDAQ: WBD) over potential Wrongdoing
An investigation on behalf of current long term investors in Warner Bros. Discovery, Inc. (NASDAQ: WBD) shares.
Investors who are purchased Warner Bros. Discovery, Inc. (NASDAQ: WBD) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for investors in NASDAQ: WBD stocks follows a lawsuit filed against Warner Bros. Discovery, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: WBD stocks, concerns whether certain Warner Bros. Discovery, Inc. (directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of investors who exchanged Discovery, Inc. common stock for Warner Bros. Discovery, Inc. common stock pursuant to Discovery, Inc's February 4, 2022 Registration Statement on Form S-4 and Joint Proxy Statement/Prospectus filed with the Securities and Exchange Commission on February 10, 2022, or purchased shares of Warner Bros. Discovery, Inc. (NASDAQ: WBD) common stock on the open market traceable to the Prospectus through the date of the filing of the complaint, that the defendants violated Federal Securities Laws. The plaintiff claims that the Defendants made materially false and misleading statements and omitted material facts in the Registration Statement and Prospectus for Warner Bros. common stock.
More specifically, the plaintiff alleges that at the time of filing the Registration Statement and Prospectus, Defendants either knew or had access to adverse information concerning operations of the WarnerMedia business. The plaintiff says that among other things, as subsequently disclosed by Defendants after the Merger:
- WarnerMedia's HBO Max streaming business had a high churn rate that made the business not "viable" unless the churn rate was reversed,
- AT&T was overinvesting in WarnerMedia entertainment content for streaming, without sufficient concern for return on investments,
- WarnerMedia had a business model to grow the number of subscribers to its streaming service without regard to cost or profitability,
- WarnerMedia was improvidently concentrating its investments in streaming and ignoring its other business lines, and
- WarnerMedia had overstated the number of subscribers to HBO Max by as many as 10 million subscribers, by including as subscribers AT&T customers who had received bundled access to HBO Max, but had not signed onto the service. That adverse information was not disclosed to Discovery shareholders in the Registration Statement or Prospectus or otherwise prior to the effective date of the Merger.
Those who purchased shares of Warner Bros. Discovery, Inc. (NASDAQ: WBD) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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