#United States #New York #Class Action #Levi & Korsinsky #Warner Bros. Discovery

Investors on Notice: Warner Bros. Discovery Class Action Lawsuit

In a significant development for shareholders, Levi & Korsinsky, LLP has reached out to investors of Warner Bros. Discovery, Inc. (NASDAQ: WBD) regarding an ongoing class action lawsuit. The legal action centers around allegations of securities fraud that allegedly took place between February 23, 2024, and August 7, 2024.

Key Details of the Class Action

The class action lawsuit aims to recoup losses for those affected by the alleged fraudulent behavior of the company. The claims assert that misleading statements made by the leadership of Warner Bros. Discovery have falsely represented the company's business stability, leading to financial repercussions for its investors. Specifically, the lawsuit highlights that:

1. False Statements About Business Operations: The lawsuit claims that Warner Bros. Discovery failed to disclose issues regarding their negotiations for sports rights, particularly with the NBA, which allegedly forced the company to reassess its business model and goodwill.

2. Deterioration of Goodwill: It is alleged that the company’s goodwill within its Networks segment has considerably declined, owing to discrepancies between its market value and book value. This decline stemmed from weakened U.S. advertising markets and uncertainties tied to both affiliate agreements and sports rights renewals.

3. Potential Impairment Charges: The filed complaint suggests that Warner Bros. Discovery is potentially facing billions of dollars in goodwill impairment charges due to the aforementioned factors, which were not sufficiently communicated to investors, leading to a misrepresentation of the company's financial prospects.

4. Materially False Public Statements: The complaint underscores that the company’s public statements were materially false and misleading at various points throughout the class period, significantly impacting shareholder confidence.

Opportunities for Affected Investors

Investors who experienced a loss amid the period of alleged fraud are urged to take action. There is a deadline set for January 24, 2025, for shareholders to come forward and request to be appointed as the lead plaintiff in this case. Importantly, investors can still claim their share of any recovery without needing to serve as lead plaintiffs. The legal representation by Levi & Korsinsky comes at no upfront cost for class members, who may be entitled to financial compensation without any out-of-pocket expenses.

Why Choose Levi & Korsinsky?

Levi & Korsinsky has a long-standing reputation in representing shareholders in high-stakes securities litigation. With over 20 years of experience, the firm boasts a successful track record of recovering hundreds of millions of dollars on behalf of aggrieved investors. The firm's commitment to advocating for shareholders is showcased by its team of over 70 employees dedicated to securities litigation.

Next Steps for Investors

If you believe you have been impacted by the events surrounding Warner Bros. Discovery, don’t hesitate to reach out for further information. Levi & Korsinsky encourages affected shareholders to contact them via email or phone. Details for contact are as follows:

• - Email: [email protected]
• - Phone: (212) 363-7500

For more information regarding the class action or to submit your details, you can visit their official website.