Warner Bros. Discovery Plaintiffs to File Amended Complaint by Feb. 10
With the lead plaintiffs and counsel now chosen in the class action alleging violations of the Securities Act stemming from Discovery’s acquisition of WarnerMedia (see 2212140024), the parties agreed in a joint stipulation Wednesday (docket 1:22-cv-08171) in U.S. District Court…
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for Southern New York to propose Feb. 10 as the deadline for plaintiffs to file their consolidated amended complaint. Defendants Warner Bros. Discovery and its CEO and chief financial officer would have until March 24 to answer the complaint, said the stipulation. The class action alleges senior Discovery executives withheld negative information about WarnerMedia in the run-up to the April 8 closing of the transaction that caused Warner Bros. Discovery shares to plummet 52.4% on the first day of trading “as the market became aware of the foregoing misrepresented and omitted facts.”