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NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who: (1) common stock of Discovery, Inc. (“Discovery”) against Warner Bros. Discovery, Inc. (“WBD”) WBD Common Stock pursuant to or traceable to Discovery’s registration statement dated February 4, 2022 on Form S-4 (the “Registration Statement”) and joint proxy statement/prospectus filed with the SEC on February 10, 2022 (the “Prospectus”), or ( 2 ) WBD common stock acquired on the open market attributable to the prospectus up to the date of the complaint. The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Act of 1933.

The lawsuit relates to the merger (the “Merger”) between Discovery and the WarnerMedia division of AT&T, Inc. The merger was announced on May 17, 2021 and completed on April 8, 2022 WarnerMedia forms WBD. Each Discovery common stockholder received one WBD common share for each Discovery common stock owned in the merger, and each Discovery preferred stockholder received WBD common stock at an agreed ratio. AT&T received directly from WBD the remainder of WBD’s outstanding and issued common shares and concurrently distributed such shares to AT&T stockholders. Each AT&T shareholder received 0.241917 WBD shares for each AT&T share held.

Plaintiff alleges that the defendants made material misstatements in the registration statement and prospectus and omitted material, including that (i) WarnerMedia’s HBO Max streaming business had a high churn rate that made the business not…