LOS ANGELES, CA / ACCESSWIRE / November 22, 2022 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Discovery, Inc. ("Discovery, Inc." or "the Company") (NASDAQ:DISCA, WBD) for violations of the securities laws.
Investors who (1) exchanged Discovery, Inc. ("Discovery") common stock for Warner Bros. Discovery, Inc. ("Warner Bros. Discovery") common stock pursuant or traceable to Discovery's February 4, 2022 Registration Statement on Form S-4 (the "Registration Statement") and Joint Proxy Statement/Prospectus filed with the U.S. Securities and Exchange Commission ("SEC") on February 10, 2022 (the "Prospectus"); and/or (2) purchased shares of Warner Bros. Discovery common stock on the open market traceable to the Prospectus through the date of the filing of the Discovery class action lawsuit (September 23, 2022)., are encouraged to contact the firm before November 22, 2022.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. WarnerMedia's HBO Max service suffered from a significant churn rate that damaged the viability of the business. At the time, AT&T was overinvesting in WarnerMedia without regard for ROI. WarnerMedia was focused on growing the size of its userbase without any concerns about costs and profitability. WarnerMedia overstated the number of subscribers to HBO Max by as many as 10 million customers. Based on these facts, the Company's Registration Statement and Prospectus were materially misleading throughout the merger period. When the market learned the truth about Discovery, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm