Farocki & Farocki LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses exceeding $100,000 in Warner Bros. Discovery (NASDAQ:) were asked to contact him directly to discuss their options
If you suffer losses exceeding $100,000 Warner Bros. Discovery Between February 23, 2024 and August 7, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 29, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Warner Bros. Discovery, Inc. (“WBD” or “Company”) (NASDAQ: WBD) and reminds investors of January 24, 2025 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) WBD's sports rights negotiations with the NBA were causing, or It will likely lead to this. causing the Company to significantly reevaluate its business and goodwill; (2) WBD's reputation in the Networking segment has deteriorated significantly as a result of the difference between its market value and book value, continued weakness in certain U.S. advertising markets, and uncertainty related to the renewal of affiliate rights and sports rights, including the NBA; (3) the foregoing has significantly increased the possibility that WBD will incur billions of dollars in goodwill impairment charges; (4) Accordingly, Defendants overstated WBD's business and overall 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 financial results for the second quarter of 2024. Among other items, WBD reported disappointing revenue of $9.71 billion, which represented a decline of 6.3% year over year and missed estimates Agreed at $360 million; In addition to a net loss of approximately $10 billion due to a non-cash goodwill impairment charge of $9.1 billion from the Networks segment and $2.1 billion of other one-time accounting impacts. WBD revealed that the goodwill impairment charge “was imposed in response to the discrepancy between market value and book value, continued weakness in the US linear advertising market, and uncertainty related to the renewal of affiliate rights and sports rights, including the NBA.”
On this news, WBD's stock price fell $0.69 per share, or 8.95%, to close at $7.02 per share on August 8, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Warner Bros.'s conduct to do so. Discovery helps contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234827
