NEW YORK, NY / ACCESSWIRE / September 27, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Warner Bros. Discovery, Inc. ("WBD" or the "Company") (NASDAQ:WBD). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether WBD and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 7, 2024, WBD issued a press release reporting its financial results for the second quarter of 2024. Among other items, WBD reported disappointing revenues and a net loss of $9.99 billion, due to a $9.1 billion noncash goodwill impairment as well as $2.1 billion in other one-time accounting effects. WBD said that the goodwill impairment was "triggered in response to the difference between market capitalization and book value, continued softness in the U.S. linear advertising market, and uncertainty related to affiliate and sports rights renewals, 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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP