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Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Advises Investors Suffering Losses Over $100,000 From Warner Bros. Discovery (NASDAQ: ) Contacting Him Directly to Discuss Their Choices
If you have a loss of more than $100,000 per The discovery of Warner Bros between February 23, 2024 and August 7, 2024 and you would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson live to 877-247-4292 or 212-983-9330 (Ext. 1310).
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New York, New York–(Newsfile Corp. – January 13, 2025) – Faruqi & Faruqi, LLP, a leading national security law firm, is investigating potential claims against Warner Bros. Discovery, Inc. (“WBD” or ” Company”) (NASDAQ: WBD) and reminds investors of January 24, 2025 deadline seeking the role of lead plaintiff in a federal class action against the Company.
Faruqi & Faruqi is a leading national security law firm with offices in New York, Pennsylvania, California and Georgia. The firm has raised hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As described below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Copyright communications of WBD and NBA games were, or could have been. reason, the Company to reassess its business and its welfare; (2) WBD’s equity in its Internet segment was significantly impaired due to the difference between market capitalization and book value, continued softness in other US advertising markets, and uncertainty relating to the development of corporate and sports rights, including the NBA; (3) the foregoing greatly increased the likelihood that WBD would incur billions of dollars in goodwill damages; (4) as a result, Defendants had exceeded WBD’s overall business and financial expectations; and (5) as a result, the Company’s public statements were false and misleading at all relevant times.
On August 7, 2024, WBD issued a press release announcing its financial results for the second quarter of 2024. Among other things, WBD reported a disappointing net income of $9.71 billion. , representing a 6.3% year-over-year decline and missing consensus estimates of $360 million; plus a net loss of approximately $10 billion due to an impairment charge of approximately $9.1 billion from its Internet division and $2.1 billion in other one-time effects. WBD revealed that the beauty impairment charge was “due to the difference between market capitalization and book value, continued softness in the US advertising market, and uncertainty related to the development of rights of association and sports, including the NBA.”
On this news, WBD’s stock price decreased by $0.69 per share, or 8.95%, to close at $7.02 per share on August 8, 2024.
The lead plaintiff appointed by the court is the investor with the greatest financial interest in the relief sought by a reasonable and common class of class members conducting and overseeing the case on behalf of the putative class. Any member of the arbitration panel may have the Court act as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent panel member. Your ability to participate in any recovery is not affected by the decision to serve as the lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information about the conduct of Warner Bros. Discovery to contact the firm, including whistleblowers, former employees, shareholders and others.
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To view the source version of this release, please visit https://www.newsfilecorp.com/release/237016
