LOS ANGELES, Oct. 20, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy Discovery, Inc. (“Discovery”) common stock for Warner Bros. Discovery, Inc. (“WBD”) (NASDAQ: WBD) is pleased to announce that a class action lawsuit has been filed on behalf of investors. WBD investors who have lost money investing are encouraged to do so Contact Lesley Portnoy, Esq.
Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected] to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.
The lawsuit 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 did not make the business “profitable.” , unless the churn rate was reversed , (ii) AT&T overinvested in WarnerMedia entertainment content for streaming without giving enough thought to the return on investment, (iii) WarnerMedia had a business model to scale the number of subscribers to its streaming service without regard to cost or profitability, (iv) WarnerMedia unwisely focused its investments on streaming and ignored its other businesses, and (v) WarnerMedia had overstated the number of HBO Max subscribers by as much as 10 million subscribers by AT&T -Added customers as subscribers who received bundled access to HBO Max, ha but did not register with the service.
From April 11, 2022, the first day of trading after the completion of the merger, to the date prior to the filing of the lawsuit (September 23, 2022), the market price of WBD fell 52.4% from $24.78 to $11.79 per share, how the market became aware of the above misrepresented and omitted facts.
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