EQUITY ALERT: Rosen Law Firm Urges Investors in Warner Bros. Discovery, Inc. and Discovery, Inc. to Get Advice Ahead of Important Deadline in Securities Class Action – WBD, DISCA, DISCB, DISCK | Company

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NEW YORK–(BUSINESS WIRE)–Sep 27, 2022–

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of investors who: (a) exchanged common stock of Discovery, Inc. (“Discovery”) ( NASDAQ: DISCA, DISCB, DISCK) against Warner Bros. Discovery, Inc. (“Warner Bros.”) common stock (NASDAQ: WBD) 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 (“SEC”) on February 10, 2022; and/or (b) purchased common stock of Warner Bros. on the open market traceable to the Prospectus until the date of filing of the complaint on September 23, 2022. If you wish to act as the lead plaintiff, you must move the Search no later than November 22, 2022.

SO WHAT: If you exchanged common stock of Discovery for common stock of Warner Bros. 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 purchased shares of common stock of Warner Bros. in the open market traceable to the Prospectus until September 23, 2022, you may be entitled to compensation without payment of out-of-pocket expenses or costs through a contingent fee arrangement.

WHAT TO DO NEXT: To join the class action Warner Bros. Discovery, 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 wish to act as lead plaintiff, you must move the Court no later than November 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation.

WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement 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 ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

CASE DETAILS: According to the lawsuit, at the time of filing the registration statement and prospectus, the defendants knew or had access to adverse information regarding the operations of AT&T’s WarnerMedia business. Among other things, as the post-merger defendants later revealed: (1) WarnerMedia’s HBO Max streaming business had a high churn that made the business not “viable” unless the churn is reversed; (2) AT&T was overinvesting in WarnerMedia entertainment content for streaming, not caring enough about return on investment; (3) WarnerMedia had a business model to grow subscribers to its streaming service without regard to cost or profitability; (4) WarnerMedia recklessly focused its investments in streaming and ignored its other businesses; and (5) WarnerMedia had overestimated the number of HBO Max subscribers by up to 10 million subscribers, including as subscribers AT&T customers who had received bundled access to HBO Max, but had not subscribed 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. When the real details entered the market, the lawsuit claims investors suffered damages.

To join the class action Warner Bros. Discovery, 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 has been certified. Until a class is certified, you are not represented by an attorney unless you retain one. You can choose the lawyer of your choice. You can also remain an absent party member and do nothing at this point. An investor’s ability to participate in any potential future recovery does not depend on their status as lead plaintiff.

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CONTACT: Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, Pennsylvania

275 Madison Avenue, 40th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

[email protected]

[email protected]

[email protected]

www.rosenlegal.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: CLASS ACTION PROFESSIONAL SERVICES LEGAL

SOURCE: The Rosen Law Firm, Pennsylvania

Copyright BusinessWire 2022.

PUBLISHED: 09/27/2022 11:42 AM / DISK: 09/27/2022 11:42 AM

http://www.businesswire.com/news/home/20220927005894/en

Copyright BusinessWire 2022.

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