Warner Bros. Discovery(WBD) Prnewswire·2024-12-16 10:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Warner Bros. Discovery, Inc. regarding a class action lawsuit due to alleged misleading statements and omissions related to the company's financial health and goodwill [1][2]. Group 1: Allegations and Financial Impact - The complaint alleges that during the class period from February 23, 2024, to August 7, 2024, WBD's negotiations for sports rights with the NBA were likely to cause a significant reevaluation of its business and goodwill [2]. - It is claimed that WBD's goodwill in its Networks segment has significantly deteriorated due to the disparity between its market capitalization and book value, ongoing softness in certain U.S. advertising markets, and uncertainties regarding affiliate and sports rights renewals [2]. - The allegations suggest that these factors have increased the likelihood of WBD incurring billions of dollars in goodwill impairment charges, leading to an overstatement of the company's overall business and financial prospects [2]. Group 2: Class Action Participation - Shareholders who purchased WBD shares during the specified class period are encouraged to register for the class action, with a deadline for lead plaintiff applications set for January 24, 2025 [3]. - Once registered, shareholders will be enrolled in a portfolio monitoring system to receive updates on the case's progress [3]. - Participation in the case incurs no cost or obligation for the shareholders [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit, fraud, and illegal business practices [4]. - The firm aims to ensure that companies adhere to responsible business practices and seeks recovery for investors who have suffered losses due to misleading statements or omissions that inflated stock prices [4].