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NEW YORK, Oct. 11, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors who: (Jan ) common stock of Discovery, Inc. (“Discovery”) exchanged for common stock of Warner Bros. Discovery, Inc. (“WBD”) (NASDAQ: WBD) pursuant to Discovery’s registration statement dated February 4, 2022 Form S-4 (the “Registration Statement”) and joint proxy statement/prospectus filed with the SEC on February 10, 2022 (the “Prospectus”), or (2) acquired shares of WBD common stock in the open market traceable to the prospectus until the date of filing 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 was completed on April 8, 2022. As per the merger, Discovery combined its business with WarnerMedia to form 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 and omitted material in the…

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