Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Advises investors who suffered losses in excess of $100,000 from Warner Bros. Discovery (NASDAQ:) Contact him directly to discuss their Options.
If you have a loss of more than $100,000 The acquisition of Warner Bros between 23 February 2024 and 7 August 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live at the 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 1, 2025) – Faruqi & Faruqi, LLP, a leading securities law firm, is investigating potential claims against Warner Bros. Discovery, Inc. (“WBD” or the ” Company”) (NASDAQ: WBD) and reminds investors January 24, 2025 deadline seeking the role of lead plaintiff in a securities class action filed against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The company has received hundreds of millions of dollars from investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or by failing to disclose that: (1) the WBD and NBA sports rights negotiations were causing, or could have caused, , the Company also critically reviews business and hospitality; (2) WBD's goodwill in its Networks segment has decreased significantly due to the difference between market capitalization and book value, continued softness in certain US commercial markets, and uncertainty related to the renewal of franchises and sports, including the NBA ; (3) the foregoing greatly increased the likelihood that WBD would incur billions of dollars in damages; (4) accordingly, Defendants have exceeded WBD's overall business and financial prospects; and (5) as a result, the Company's public statements were materially false and misleading at all relevant times.
On August 7, 2024, WBD issued a press release announcing its second quarter 2024 results. Among other things, WBD reported disappointing revenue of $9.71 billion, representing a 6.3% year-over-year decline and missing consensus estimates by $360 million; and a loss of approximately $10 billion due to a $9.1 billion impairment charge in its Networks segment and $2.1 billion in other one-time accounting effects. WBD disclosed that the goodwill impairment charge “was due to the difference between market capitalization and book value, continued softness in the US retail market, and uncertainty related to the renewal of sports rights, including the NBA.”
On this news, the WBD stock price decreased by 0.69 per share, or 8.95%, to close at $7.02 per share on August 8, 2024.
A court-appointed lead plaintiff is an investor with a substantial financial interest in the relief sought by a sufficient and common class of class members who administers and oversees the lawsuit on behalf of the putative class. Any privileged class member may move the Court to act as lead plaintiff through a group of counsel of their own choosing, or may choose to remain passive and remain a non-class member. Your ability to share in any recovery is not affected by the decision to act as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about the behavior of Warner Bros. Discovery to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source of this document, please visit https://www.newsfilecorp.com/release/235694